Shares of international tobacco giant Philip Morris (NYSE: PM) are up after the company's latest earnings report. The stock's price momentum could soon carry shares to their highest levels since 2017. Though the company still makes most of its profits from cigarettes, global smoking rates are steadily declining.

The company's second-quarter earnings call shed some light on what's happening inside the business and could help investors determine whether the stock's recent success is sustainable or bound to go up in smoke.

Here's what you need to know.

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Source Fool.com