By Dave Sebastian
Philip Morris International Inc. said its profit rose for the fiscal first quarter, driven by IQOS, a hand-held device that heats but doesn't burn tobacco.
The tobacco company Tuesday posted net income attributable to the company of $2.42 billion, compared with $1.83 billion in the year-ago period. Earnings were $1.55 a share, compared with $1.17 a share a year ago.
Adjusted earnings were $1.57 a share. Analysts polled by FactSet were expecting $1.40 a share.
Net revenues rose 6%, to $7.59 billion. Analysts expected $7.27 billion.
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(END) Dow Jones Newswires