Glance: Tobacco Makers do Well in Tough Economy

Source from:  ap.google.com By The Associated Press 10/24/2008

Philip Morris International Inc., which sells Marlboros overseas, reported a 20 percent rise in third-quarter profit. Reynolds American's profit fell 41 percent but the results were better than Wall Street had expected and the company raised its full-year profit forecast. REYNOLDS AMERICAN: Chief Executive Susan Ivey said the company's performance "speaks to the resilience of the tobacco business, even in tough economic times." PHILIP MORRIS INTERNATIONAL: "No business in the world is actually recession-proof, but I am convinced that our business is very recession-resilient," Chief Financial Officer Hermann Waldemer said. BRANDS: Philip Morris International sells Marlboros, L&M, Chesterfield and Bond Street brands while Reynolds sells Camel, Pall Mall, Kool and Grizzly. Enditem