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Philip Morris International Q3 profit falls YOY

Philip Morris International Inc. said its third-quarter normalized net income amounted to $1.08 per share, compared with the S&P Capital IQ consensus estimate of $1.11 per share.

EPS declined 11.7% year over year from $1.22.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.67 billion, a decline of 12.3% from $1.90 billion in the year-earlier period.

The normalized profit margin fell to 24.0% from 24.2% in the year-earlier period.

Total revenue fell 11.8% year over year to $6.93 billion from $7.86 billion, and total operating expenses fell 12.2% on an annual basis to $3.97 billion from $4.52 billion.

Reported net income declined 10.1% year over year to $1.94 billion, or $1.25 per share, from $2.15 billion, or $1.38 per share.