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Philip Morris' Net Income Rises 28 Percent on Asian Demand

Thursday, 22 Jul 2010 07:59 AM

Cigarette maker Philip Morris International says higher retail prices and a jump in shipment volume in Asia helped its second-quarter net income grow 28 percent.

The seller of Marlboro and other brands overseas says it earned $1.98 billion, or $1.07 per share. That compares with $1.55 billion, or 79 cents per share, a year earlier.

Excluding excise taxes, revenue rose 15 percent to $7.06 billion.

Analysts expected profit of 97 cents per share on revenue of $6.83 billion, excluding excise taxes.

The company shipped 8 percent more cigarettes, boosted by a 34 percent increase in Asia.

The company affirmed its previous forecast for full-year net income of $3.75 to $3.85 per share.

Analysts expect $3.77 per share.

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Cigarette maker Philip Morris International says higher retail prices and a jump in shipment volume in Asia helped its second-quarter net income grow 28 percent.The seller of Marlboro and other brands overseas says it earned $1.98 billion, or $1.07 per share. That compares...
US,Earns,Philip,Morris,International
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2010-59-22
Thursday, 22 Jul 2010 07:59 AM
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