Philip Morris Int'l 3Q net up on higher prices

[October 20, 2011]  RICHMOND, Va. (AP) -- Cigarette maker Philip Morris International Inc. says its third-quarter net income grew nearly 31 percent as it commanded higher prices for its brands.

The seller of Marlboro and other cigarette brands overseas also lifted the lower end of its full-year earnings forecast.

The company says it earned $2.38 billion, or $1.35 per share, for the period ended Sept. 30. That's up from $1.82 billion, or 99 cents per share, a year ago. On an adjusted basis, the company said it earned $1.37 per share.

Excluding excise taxes, revenue grew about 26 percent to $8.4 billion.

Analysts polled by FactSet had expected earnings of $1.24 per share on revenue of $7.54 billion.

Philip Morris International says it shipped 4.5 percent more cigarettes. Gains in Asia offset declines in other regions.

[Associated Press; By MICHAEL FELBERBAUM]

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