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Oct 22 (Reuters) - Philip Morris International's (PMI) shares hit record <br> <br> highs on Tuesday after the cigarette maker raised its annual profit forecast <br> <br> and beat third-quarter estimates thanks to higher prices and strong demand for its smoking <br> <br> alternatives.<br> <br> <br> <br> PMI has invested billions of dollars in developing substitutes <br> <br> for cigarettes as health-conscious consumers switch to smoking alternatives in some markets, including its IQOS heated tobacco device and ZYN nicotine pouches, which are now a key focus for investors.<br> <br> <br> <br> <br> <br> <br> <br> U.S. ZYN shipments in the quarter grew 41.4% over the <br> <br> prior-year period, rebounding after supply constraints curtailed rapid growth.<br> <br> The Marlboro maker has been investing to expand production capacity for ZYN, in an effort to meet strong demand.<br> <br> <br> <br> <br> <br> The company's flagship heated tobacco device, <a href="https://writeablog.net/baniusfhag/h1-b-iqos-ethiiybkabbuhriiaiffaa-aairehmaaakabkhunmaakkwaa-b-h1">iqos iluma one i</a>, <br> <br> also saw strong growth in regions such as Japan, Europe and Indonesia, reassuring <br> <br> investors after volumes lagged expectations in the past.<br> <br> <br> <br> <br> <br> "We delivered exceptionally strong performance, with record quarterly net revenues and earnings per share," said Chief Executive <br> <br> Officer Jacek Olczak, adding IQOS growth had <br> <br> also accelerated.<br> <br> <br> <br> <b>PMI's shares rose 9%, and remained almost 8% higher at 11.43 a.m.<br> <br> (1543 GMT) in New York trading.</b><br> <br> <br> <br> The company also enjoyed higher shipment volumes for cigarettes,<br> <br> with higher pricing also driving a 5.2% increase in revenues from its combustible tobacco business.<br> <br> <br> <br> <br> <br> <br> <br> PMI raised its forecast for 2024 adjusted earnings per share, excluding currency,<br> <br> to between $6.85 and $6.91, compared with its prior range of <br> <br> $6.67 to $6.79.<br> <br> <br> <br> It reported revenue of $9.91 billion for the third quarter, versus <br> <br> analysts' estimates of $9.69 billion, according to data compiled by LSEG.<br> <br> <br> <br> <br> <br> <b>Its quarterly adjusted profit of $1.91 per share also beat estimates of $1.82 per share.</b><br> <br> <br> <br> Last week, Philip Morris said it, along with peers British American Tobacco and Japan Tobacco, <br> <br> would pay C$32.5 billion ($23.6 billion) to settle long-running health-related lawsuits in Canada.<br> <br> (Reporting by Anuja Bharat Mistry in Bengaluru; Editing <br> <br> by Shilpi Majumdar and Sharon Singleton)