Philip Morris International Inc. (NYSE:PM) reported net income above Wall Street’s expectations for the third quarter. Net income for Philip Morris International Inc. rose to $2.38 billion ($1.35 per share) vs. $1.82 billion (99 cents per share) in the same quarter a year earlier. This marks a rise of 30.5% from the year earlier quarter. Revenue rose 26.4% to $8.36 billion from the year earlier quarter. PM reported adjusted net income of $1.37 per share. By that measure, the company beat the mean estimate of $1.23 per share. It beat the average revenue estimate of $7.57 billion.
“While we benefited from a relatively undemanding comparison, our results this quarter were simply superb on each and every key performance measure. Our business in Japan was a key driver of our stellar results, but elsewhere we enjoyed very solid growth and improving trends in virtually all geographies,” said Louis C. Camilleri, Chairman and Chief Executive Officer. “It is heartening to witness that the efforts deployed by all our employees are being rewarded by such significant progress and continued strong momentum.”
Competitors to Watch: Altria Group, Inc. (NYSE:MO), Reynolds American, Inc. (NYSE:RAI), Lorillard Inc. (NYSE:LO), Vector Group Ltd. (NYSE:VGR), British American Tobacco (AMEX:BTI), Imperial Tobacco Group PLC (ITYBY), Star Scientific, Inc. (NASDAQ:CIGX), Alliance One Intl., Inc. (NYSE:AOI), and Universal Corporation (NYSE:UVV).
PPG Industries Inc. (NYSE:PPG) reported its results for the third quarter. Net income for the specialty chemicals company rose to $311 million ($1.96 per share) vs. $262 million ($1.58 per share) in the same quarter a year earlier. This marks a rise of 18.7% from the year earlier quarter. Revenue rose 11.2% to $3.85 billion from the year earlier quarter. PPG beat the mean analyst estimate of $1.93 per share. Analysts were expecting revenue of $3.88 billion.
“This is the fifth consecutive quarter in which we eclipsed our prior quarterly earnings record,” said Charles E. Bunch, PPG chairman and CEO. “This consistent improvement in performance, especially in light of today’s economic backdrop, demonstrates the value of our management’s aggressive focus on operations and the continuing benefit of the structural changes that we have made to the company the past few years, including lowering our cost base and expanding in emerging regions. In addition, these results reflect the continuing benefits of our disciplined deployment of our strong cash position.”
Competitors to Watch: The Valspar Corporation (NYSE:VAL), RPM International Inc. (NYSE:RPM), Sherwin-Williams Company (NYSE:SHW), E.I. du Pont de Nemours & Co. (NYSE:DD), Akzo Nobel N.V. (AKZOY), Southwall Technologies (SWTXD), Olin Corporation (NYSE:OLN), Corning Incorporated (NYSE:GLW), and FMC Corporation (NYSE:FMC).