NEW YORK (AP) _ Philip Morris International Inc. (PM) on Thursday reported first-quarter net income of $1.35 billion.
On a per-share basis, the New York-based company said it had profit of 87 cents. Earnings, adjusted for non-recurring costs, were $1.09 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.
The seller of Marlboro and other cigarette brands posted revenue of $17.7 billion in the period. Its adjusted revenue was $6.75 billion, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $6.74 billion.
Philip Morris expects full-year earnings to be $5.09 per share.
Philip Morris shares have increased 28 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 16 percent. The stock has decreased 17 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at https://www.zacks.com/ap/PM