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Philip Morris Int’l 3Q profit rises 20 pct

Written by Writer on Thursday, October 23rd, 2008

Philip Morris Int’l 3Q profit rises 20 pct

The Associated Press ,  New York   |  Wed, 10/22/2008 7:34 PM  |  Business

Philip Morris International says its third-quarter profit rose 20.6 percent, leading the company to reaffirm its full-year profit forecast, as sales in all regions rose.

The world’s biggest non-governmental cigarette maker said Wednesday its net income for the quarter was $2.1 billion, or $1.01 per share, compared with $1.73 billion, or 82 cents per share, a year ago.

Philip Morris International, with offices in Lausanne, Switzerland, and New York, says revenue rose 22 percent to $17.37 billion. The company, which has no U.S. sales, saw revenue rise most - 23.6 percent - in Eastern Europe, the Mideast and Africa.

Analysts surveyed by Thomson Reuters, who typically exclude one-time costs, expected earnings of 90 cents per share on revenue of $6.57 billion.

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News Topics : 1 Billion, 3q, Africa, Associated Press, Cigarette Maker, Earnings, Eastern Europe, Lausanne Switzerland, Mideast, Net Income, Pct, Philip Morris International, Quarter Profit, Regions, Reuters, Rose, S Sales, Thomson, Time Costs