The New York company also reported second-quarter revenue that trailed forecasts, though the period's adjusted profit beat analysts’ estimate.
The stock recently traded at $95.35, down 2.6%, but has gained 17% in the past six months.
For 2021, Philip Morris forecast earnings of $5.76 to $5.86 a share, compared with the FactSet analyst consensus of $6.08.
Revenue totaled $7.59 billion in the second quarter, up 14% from $6.65 billion a year earlier and below the analyst consensus of $7.67 billion. The year-earlier total was depressed by the COVID outbreak.
Net income registered $2.17 billion, or $1.39 a share, in the latest quarter, up from $1.95 billion, or $1.25 a share, a year earlier.
Adjusted earnings per share of $1.57 topped analysts’ prediction of $1.55.
The company authorized a new share buyback of up to $7 billion. Its brands include Chesterfield and Lark.
In April, Philip Morris reported first-quarter earnings that beat Wall Street forecasts and raised its first-quarter guidance.
Net income rose to $2.42 billion, or $1.55 a share, from $1.83 billion, or $1.17 a share, a year earlier. Adjusted earnings came to $1.57 a share, exceeding the FactSet consensus of $1.40.
Revenue totaled $7.59 billion, up 6% from a year ago, and ahead of FactSet's call for $7.27 billion.
Tobacco stocks fell in late April, after the U.S. Food and Drug Administration said it would propose a ban on the sale of menthol cigarettes.