Tags: Philip Morris | cigarette | sales | decline

Philip Morris 2Q Profit Falls

Thursday, 18 Jul 2013 07:42 AM

Philip Morris says its second-quarter profit fell about 8 percent as it shipped fewer cigarettes.

The company also lowered its full-year guidance Thursday due to unfavorable exchange rates, which also weighed on quarterly results.

The seller of Marlboro and other cigarette brands earned $2.12 billion, or $1.30 per share, in the quarter ended June 30, down from $2.32 billion, or $1.36 per share, a year ago.

Excluding excise taxes, revenue fell 2.5 percent to $7.9 billion.

Analysts had expected $1.41 per share on revenue of $8.17 billion.

Philip Morris International Inc., based in New York and Switzerland, said cigarette shipments fell about 4 percent. Volumes fell in all of its markets, including the European Union and Asia.

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Philip Morris says its second-quarter profit fell about 8 percent as it shipped fewer cigarettes. The company also lowered its full-year guidance Thursday due to unfavorable exchange rates, which also weighed on quarterly results.
Philip Morris,cigarette,sales,decline
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2013-42-18
Thursday, 18 Jul 2013 07:42 AM
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