News Summary: Philip Morris Int'l 2Q profit falls

News Summary: Philip Morris Int'l 2Q profit falls on lower cigarette sales, exchange rates

Associated Press

UP IN SMOKE: Philip Morris International Inc.'s second-quarter profit fell about 8 percent to $2.12 billion as it shipped fewer cigarettes and unfavorable foreign exchange rates weighed on its results. Excluding excise taxes, revenue fell 2.5 percent to $7.9 billion despite higher prices.

SNUFFED OUT: Cigarette shipments fell about 4 percent to 228.9 billion cigarettes as it saw volume declines in all of its regions. Total Marlboro volumes fell nearly 6 percent to 72.4 billion cigarettes.

EU, ASIA WOES: Cigarette volumes were down nearly 6 percent in the European Union as more than half of the countries in the block are now in recession. In Asia, one of its largest growth areas, the company said cigarette volume fell 3.5 percent.

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