Philip Morris International Profit Falls Less Than Estimated

Source from:  Bloomberg 10/23/2009

Philip Morris International Inc., the world's largest publicly traded tobacco company, reported a smaller drop in third-quarter profit than analysts anticipated and increased its full-year forecast. Net income dropped 14 percent to $1.8 billion, or 93 cents a share, from $2.08 billion, or $1.01, a year earlier, the New York-based maker of Marlboro cigarettes said today in a Business Wire statement. Analysts anticipated earnings of 91 cents a share, the average of 13 estimates compiled by Bloomberg. Price increases muted a drop in cigarette shipments and revenue declines from foreign exchange rates. Revenue, all of which is generated outside the U.S., declined 4.6 percent to $16.6 billion. Philip Morris fell 73 cents to $50.82 yesterday in New York Stock Exchange composite trading. The shares have climbed 17 percent this year. Enditem