UPDATE: Philip Morris Reports Upbeat Q2 Earnings, Lifts FY11 Earnings Forecast

Philip Morris International Inc PM reported a 22% rise in its second-quarter net income. Philip Morris reported its quarterly earnings at $2.41 billion, or $1.35 per share, up from $1.98 billion, or $1.07 per share, in the year-ago quarter. Its adjusted earnings per share came in at $1.34. Philip Morris' revenue surged to $8.27 billion from $7.06 billion. However, analysts were expecting earnings of $1.21 per share on revenue of $7.87 billion. Philip Morris now projects FY11 earnings of $4.70 to $4.80 per share, versus analysts' estimates of $4.64 per share. Philip Morris shares dropped 0.28% to $68.00 in after-hours trading.