Philip Morris Stock Rises After Earnings Beat. Cigarettes Aren’t the Big Driver.

Philip Morris Stock Rises After Earnings Beat. Cigarettes Aren’t the Big Driver. · Barrons.com

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Philip Morris International stock rose sharply after the cigarette maker easily beat quarterly earnings estimates and boosted guidance. For its third quarter, the company reported adjusted earnings of $1.91 a share, beating Wall Street’s call for $1.82, according to FactSet. “In the third quarter, we delivered exceptionally strong performance, with record quarterly net revenues and earnings per share,” said CEO Jacek Olczak in a press release.