Philip Morris (PM)

Philip Morris International Inc.'s (PM) third-quarter profit fell a less-than-expected 13%, as cigarette sales remained weak. The company reported third-quarter earnings of $1.8 billion, or 93 cents a share, down from $2.08 billion, or $1.01, a year earlier. The prior-year had an 8-cent boost from currency changes. Revenue fell 4.6% to $16.57 billion, and revenue excluding excise taxes fell 5.3% to $6.59 billion. Excluding currency effects, revenue without taxes jumped 6.9%.
The Altria Group Inc. (MO) spinoff, which operates completely outside the U.S., raised its full-year earnings target to between $3.20 and $3.25 a share from $3.10 and $3.20 a share, reflecting better fundamentals and a lesser impact from foreign-currency exchange, given the weaker dollar.

Oct 22 · 10:12:00 AM · Source: Dow Jones
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by Larry Etter