On the Call: Philip Morris Intl CFO Waldemer

Source from:  The Associated Press 10/23/2009

Philip Morris International Inc. and other cigarette makers around the world have been raising prices to keep their profits up despite hits from the recession and declining cigarette volumes. In a conference call with analysts Thursday regarding Philip Morris International's third-quarter earnings, Chief Financial Officer Hermann Waldemer discussed the world's biggest non-governmental cigarette maker's ability to raise prices on brands like Marlboro even as consumers buy fewer packs. QUESTION: At what point would you start to get worried that you're maybe asking the consumer for a little bit too much? RESPONSE: I'm convinced that we are striking the right balance and we need to manage always for the long term, not for the short term. … We've kept our competitive position. We are very strong and remain very strong. … We had stronger pricing this year, at a somewhat stronger pace than we had last year. Enditem