Philip Morris International Inc. /zigman2/quotes/201611010/composite PM -0.18% said Thursday it had net income of $1.616 billion, or $1.04 a share, in the fourth quarter, down from $1.910 billion, or $1.23 a share, in the year-earlier period. The maker of Marlboro cigarettes said adjusted per-share earnings came to $1.22, ahead of the $1.21 FactSet consensus. Revenue rose 2.9% to $7.713 billion from $7.499 billion, also ahead of the $7.661 billion FactSet consensus. "Although we anticipate a few temporary headwinds, notably in Indonesia, we enter 2020 with favorable momentum, and expect to deliver like-for-like currency-neutral net revenue and adjusted diluted EPS growth this year consistent with our 2019 to 2021 compound annual growth targets of at least 5% and 8%, as well as further margin expansion," Chief Executive Andre Calantzopoulos said in a statement. The company is now expecting full-year adjusted EPS of $5.50, below the $5.60 FactSet consensus. Shares were slightly higher premarket, but have gained 11% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.64% has gained 22%.