Philip Morris International net income drops as earnings and outlook fall short

Philip Morris International Inc.’s stock PM, -0.24% was down by 0.5% in premarket trading on Thursday after the cigarette maker reported a 1.2% drop in fourth-quarter net income, while its cigarette shipment volume fell 1.9%. The company said it earned $2.19 billion, or $1.41 a share in the fourth quarter, down from $2.38 billion, or $1.54 a share, in the year-ago quarter. Adjusted profit of $1.36 a share fell short of the FactSet consensus estimate of $1.45 a share. Revenue increased by 11% to $9.05 billi ...