Philip Morris (NYSE:PM) announced that third quarter earnings per share were $1.45, 5.8% higher than the same period last year, and beating estimates of $1.39. Excluding exchange rate fluctuations and acquisitions, net revenue increased by 3.4% mainly due to higher pricing. Net revenue fell by 5.3% to $7.9 billion, below estimates of $8.3 billion.
Shares are lower by about 3.9 percent.
Rival Lorillard (NYSE:LO) will announce earnings on October 24, with analysts expecting earnings per share of $2.26.
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