Philip Morris Int’l 2Q Profit Falls 4 PercentJuly 19th, 2012 11:46 am Associated Press
RICHMOND, Va. (AP) — Cigarette maker Philip Morris International Inc. says its second-quarter net income fell 4 percent as it sold fewer cigarettes.
The seller of Marlboro and other cigarette brands overseas said Thursday that it earned $2.32 billion, or $1.36 per share, in the April-June quarter, down from $2.41 billion, or $1.35 per share, a year ago. The latest quarter’s profit beat Wall Street estimates by a penny, according to FactSet.
The Richmond, Va., company says changes in currency values hurt earnings.
Excluding excise taxes, revenue fell about 2 percent to $8.1 billion, despite higher prices. Analysts expected revenue of $8 billion.
Cigarette shipments fell 1 percent, with declines in the European Union, Asia, and Latin America and Canada.