Volumes Drops Hit Philip Morris International

Source from:  MarketWatch 10/23/2009

Volume declines in some key markets -- especially for its flagship Marlboro brand - and the lack of a one-time gain helped push Philip Morris International's third-quarter profit down 14%, the tobacco titan said Thursday. PMI earned $1.8 billion, or 93 cents a share, on the period, down from $2.1 billion, or $1.01 a share, in the same quarter of 2008. Adjusted to exclude on-time items in 2008, the company's earnings per share would have risen 18%. The average estimate of analysts polled by FactSet Research had been for the company to earn 90 cents a share. Revenue before excise taxes fell almost 5% to $16.57 billion. The company shipped 219.3 billion units in the quarter, a decline of 2.9%. While Latin America and Canada posted volume gains, especially from the acquisition of Rothmans Inc., they were more than offset by declines in the European Union and the rest of the world. Enditem