BUZZ-Philip Morris Maintains Annual Earnings Outlook; Stock Price Drops

October 21 - ** Shares of cigarette manufacturer Philip Morris PM.N fell about 3% in pre-market trading to $194.11

** The company maintained its full-year forecast for adjusted earnings per share (excluding currency effects) in the range of $8.11 to $8.26

** However, thanks to strong demand for alternative tobacco products including Zyn nicotine pouches, the company's (link) third-quarter sales and profit both exceeded analysts' expectations

** Third-quarter revenue rose 5.5% year-on-year to $11.44 billion, while analysts had expected $11.28 billion — data compiled by London Stock Exchange Group (LSEG)

** Adjusted earnings per share for the third quarter were $2.36, also above the expectation of $2.29

** As of the previous trading day's close, the company's share price had risen 24.63% so far this year

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