Philip Morris tops quarterly estimates on nicotine pouch and tobacco prices

Oct 21 (Reuters) – Philip Morris International beat Wall Street estimates for third-quarter sales ​and profit on ‌Wednesday, helped by strong demand for its Zyn nicotine pouches and by higher cigarette prices, ‌and ​kept its full-year ⁠profit forecast intact.

The ⁠Stamford, Connecticut-based company, which sells Marlboro cigarettes outside the US, has been working ​to grow revenue from smoke-free alternatives as consumers ⁠in some markets ⁠increasingly move away ​from traditional cigarettes.

Philip Morris continues ​to expect full-year adjusted earnings ‌per share of $8.11 to $8.26, excluding currency effects.

Quarterly revenue rose 5.5% to $11.44 billion, compared ⁠with analysts’ estimate of $11.28 billion, according to data compiled by LSEG.

The ⁠company ‌reported adjusted profit ⁠of $2.36 per share for ​the ‌quarter, compared with analysts’ ​average ⁠estimate of $2.29 per share, according to data compiled by LSEG.

(Reporting by Shania S Thomas in Bengaluru; Editing by ​Tasim Zahid)