Philip Morris Int'l 2Q profit falls 4 pct

[July 19, 2012]  RICHMOND, Va. (AP) -- Cigarette maker Philip Morris International Inc. says its second-quarter net income fell 4 percent as it sold fewer cigarettes.

The seller of Marlboro and other cigarette brands overseas said Thursday that it earned $2.32 billion, or $1.36 per share, in the April-June quarter, down from $2.41 billion, or $1.35 per share, a year ago. The latest quarter's profit beat Wall Street estimates by a penny, according to FactSet.

The Richmond, Va., company says changes in currency values hurt earnings.

Excluding excise taxes, revenue fell about 2 percent to $8.1 billion, despite higher prices. Analysts expected revenue of $8 billion.

Cigarette shipments fell 1 percent, with declines in the European Union, Asia, and Latin America and Canada.

[Associated Press; By MICHAEL FELBERBAUM]

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