Philip Morris (PM) Passed 40% Smoke-Free Revenue, but Cigarettes Did the Growing

Philip Morris International (NYSE:PM) just reported a record quarter that looks like proof its smoke-free bet is working. Adjusted earnings per share reached $2.36, a quarterly high, and smoke-free products made up more than 40% of net revenue. But cigarettes grew faster, with sales of cigarettes and other combustibles up 6.4%, ahead of the 4.1% […]