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Swedish Match is in the process of being bought by Philip Morris International (NYSE:PM) and its board late on Thursday said it still recommended the offer, after its Swiss rival upped the offer price.
Quarterly operating profit rose to 2.40 billion Swedish crowns ($218.74 million) from 2.08 billion a year earlier. Analysts polled by Refinitiv had on average forecast a profit of 2.47 billion crowns.
Sales in its Smokefree unit rose 30% in the quarter. The unit includes both the company’s main product “snus” – a Swedish-style wet snuff – and its newer and fastest-growing product Zyn – tobacco-free nicotine pouches that like snus are put under the lip and sucked.
($1 = 10.9718 Swedish crowns)
