Patience is a virtue, and certainly that has been the case for Philip Morris International (NYSE: PM) shareholders. Over the past year, the company's stock performance has basically mirrored the growth of the S&P 500. That's not exactly what observers expected after Altria (NYSE: MO) set the Marlboro Man to roam free following the spinoff of the company's international tobacco holdings.

Yep, Marlboro was supposed to take the world by storm (bad pun intended). But volume declines and currency fluctuations made it seem as if Altria might be better off without the global arm of Philip Morris after all.

Well, those of you who rode along with the Marlboro Man can now exhale a little easier. The company's second-quarter earnings were everything you've been waiting for and more. Philip Morris International increased its 2010 earnings forecast with 16%-19% expected growth from last year's results.

Overall, net revenue was up by 15.1%. Reported diluted earnings per share increased by 35.4%. Excluding currency effects, EPS was up nearly 32%.

Unlike declining volume at its kissing cousin Altria, world traveler Phil saw an 8% increase in shipped volume. Asia delivered the bulk of the gains, with a 34.9% increase in volume on the quarter, as Japanese distributors stocked up on cigs before an October 2010 tax increase. EU volume decreased by 6.2%, with losses driven by similar excise tax, price increases, and economic pressures here in the states.

The market share of the company's flagship Marlboro brand decreased in the EU by 0.6 points on the quarter, countered by a 0.2-point increase in Japan and 1.2-point increase in Korea.

The worth of the Marlboro name isn't the only thing that Philip Morris has to consider. Just as the FDA steps up regulation for the U.S. tobacco industry, PMI and main competitor British American Tobacco (NYSE: BTI) have to be on the lookout for whether "plain packaging" or other potentially damaging global tobacco policies are on the horizon.

That said, the future looks pretty bright for the international man of mystery. Philip Morris just bought back $1 billion worth of stock for the quarter. And unlike U.S. tobacco makers such as Reynolds American (NYSE: RAI), Lorillard (NYSE: LO), and the Vector Group (NYSE: VGR), the global version of Philip Morris should be able to grow revenue and volume as it taps into underserved markets around the world.

Right now, I'd say that Philip Morris shareholders are right to consider the world their oyster.