NEW YORK (TheStreet) -- Shares of Philip Morris International, Inc. (PM) are up 0.96% to $85.40 in pre-market trading on Thursday despite reporting a 13% decline in profit due to unfavorable currency exchange rates.
Net revenue grew 2.8% to $21.05 billion from $20.48 billion a year ago.
Adjusted earnings per share are projected to grow 6% to 8% from last year's $5.40 per share. Analysts project annual earnings of $5.14 per share.
Net earnings attributable to the cigarette maker slid to $1.85 billion, or $1.17 per share, from last year's $2.12 billion, or $1.30 per share.
Excluding asset impairment and exit costs, adjusted earnings per share were $1.41, while analysts surveyed by Reuters had expected earnings per share of $1.24.