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Philip Morris Profit Rises on Higher Cigarette Prices

Thursday, 22 Apr 2010 07:28 AM

Cigarette maker Philip Morris says higher selling prices helped boost first-quarter profit 15 percent.

The seller of Marlboro and other cigarette brands overseas says profit rose to $1.7 billion, or 90 cents per share, up from $1.48 billion, or 74 cents, a year earlier.

Revenue rose 17 percent to $15.59 billion from $13.29 billion.

The world's second-biggest cigarette maker is also reaffirming full-year guidance.

Cigarette shipment volume edged up less than 1 percent as higher volume in Asia was offset by weakness in the European Union, particularly the Baltic states and Spain.

Cigarette demand worldwide is down, but the decline is less stark outside the United States.

Philip Morris International Inc., based in New York, has compensated for volume declines by raising its prices, increasing its market share and cutting costs.

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Cigarette maker Philip Morris says higher selling prices helped boost first-quarter profit 15 percent.The seller of Marlboro and other cigarette brands overseas says profit rose to $1.7 billion, or 90 cents per share, up from $1.48 billion, or 74 cents, a year...
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2010-28-22
 

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