Philip Morris International delivered stronger-than-expected second-quarter earnings, reporting adjusted earnings of $1.91 a share versus analysts’ $1.86 estimate. Reported earnings rose 26.6% to $1.95 a share. Revenue grew 7% year-over-year to $10.14 billion, narrowly below the $10.3 billion consensus, while adjusted operating income reached $4.25 billion. The performance was driven by continued expansion of smoke-free products, which generated 41% of total revenue. IQOS heat-not-burn devices surpassed $3 billion in quarterly net sales, and management said shipment volumes of smoke-free offerings increased almost 12% from a year earlier. On the strength of the quarter, the company lifted its full-year adjusted earnings forecast to $7.43–$7.56 a share, implying 13%–15% growth, and guided third-quarter adjusted EPS to $2.08–$2.13. Philip Morris also declared a regular quarterly dividend of $1.35 per share. Despite the earnings beat and higher outlook, shares fell about 5% in pre-market trading from Monday’s $180.48 close, as investors focused on the modest revenue shortfall.