News Summary: Philip Morris Int'l 3Q profit up

News Summary: Philip Morris Int'l 3Q profit up as higher prices offset lower cigarette sales

Associated Press

THE RESULTS: Philip Morris International Inc.'s third-quarter profit rose 5 percent to $2.34 billion as higher prices helped offset the decline in the number of cigarettes it sold. Excluding excise taxes, revenue was essentially flat at $7.93 billion.

CIGARETTES SOLD: Cigarette shipments fell about 6 percent to 223.1 billion cigarettes as it saw volumes fall in all of its regions. The company sold 2.5 percent fewer Marlboro cigarettes, 75.2 billion.

TOUGH ENVIRONMENT: Economic woes in the European Union and increased excise taxes drove shipments down 5 percent during the quarter. Shipments fell 5.5 percent in the company's region that encompasses Eastern Europe, the Middle East and Africa. Shipments also fell slightly in Latin America and Canada. In Asia, one of its largest growth areas, the company said that cigarette volume fell nearly 8 percent.

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