NEW YORK (TheStreet) -- Shares of Philip Morris Int'l (PM - Get Report) were rising in early morning trading on Tuesday after the company posted earnings for the 2016 third quarter that topped analysts' estimates and raised its quarterly dividend.

Before the opening bell, Philip Morris reported adjusted earnings of $1.25 per diluted share, topping Wall Street's projections of earnings of $1.24 per share.

Additionally, the New York City-based cigarette company raised its regular quarterly dividend to $1.04 per share from $1.02 per share in the previous quarter.

Revenue for the third quarter was $6.98 billion vs. analysts' estimates for revenue of $6.99 billion.

Cigarette shipments slid 5.4% year-over-year to 207.1 billion units in the period.

For the full year, Philip Morris reiterated its prior projections for adjusted earnings per diluted share between $4.53 and $4.58. Wall Street expects adjusted earnings of $4.52 per share for the year, according to FactSet.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.

The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and weak operating cash flow.

You can view the full analysis from the report here: PM