Philip Morris International 2Q profit falls

[July 23, 2009]  NEW YORK (AP) -- Cigarette maker Philip Morris International says second-quarter profit fell 9 percent as the stronger dollar shrunk profit earned in other currencies. Still, it raised its 2009 profit estimate.

The seller of Marlboro and other brands overseas earned $1.55 billion, or 79 cents per share, in the three months that ended in June. That is down from $1.69 billion, or 80 cents per share, a year earlier.

Excluding one-time charges, the company earned 83 cents per share. That beats analyst expectations for 77 cents per share.

Revenue fell 9 percent to $15.21 billion from $16.7 billion.

Philip Morris International Inc. is the world's largest non-governmental cigarette seller, smaller only than state-controlled China National Tobacco Corp.

[Associated Press]

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