PM Philip Morris International Inc

By Aisha Al-Muslim

Philip Morris International Inc. (PM) said its total net revenue slightly fell as its combined cigarette and heated tobacco unit shipment volume was lower despite heated tobacco performing well in the latest quarter.

The New York-based company reported Thursday a profit for the second quarter of $2.32 billion, or $1.49 a share, up from $2.2 billion, or $1.41 a share, a year earlier.

Adjusted earnings were $1.46 a share, above the $1.32 a share analysts polled by FactSet were looking for.

Net revenue fell 0.3% to $7.7 billion, above the consensus forecast of $7.38 billion.

Cigarette and heated tobacco unit shipment volume was down by 1.4% to 198.9 million. Cigarette shipment volume was down 3.6% and heated tobacco unit shipment volume was up 37%.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

July 18, 2019 07:46 ET (11:46 GMT)

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