Earnings / Consumer Staples
Philip Morris Beats Third-Quarter Forecasts as Smoke-Free Products Pass 40% of Revenue, but Reported Profit Falls on a Fair-Value Adjustment
Adjusted earnings of $2.36 a share topped the $2.29 consensus and revenue of $11.44 billion beat the $11.28 billion estimate, while reported earnings fell 4.9% to $2.12 and the full-year forecast was trimmed for currency, not raised.