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News Summary: Philip Morris Int'l 4Q profit rises

The Associated Press

THE RESULTS: Philip Morris International Inc.'s fourth-quarter net income increased 11 percent to $2.1 billion as it sold more cigarettes at higher prices. Excluding excise taxes, revenue increased nearly 3 percent to $7.9 billion.

CIGARETTES SOLD: The company, which sells Marlboro and other cigarette brands overseas, said shipments rose nearly 3 percent to 233.1 billion cigarettes as increases in Asia, and Eastern Europe, Middle East and Africa offset declines in the European Union, Latin America and Canada.

MARLBORO IMPROVES: Marlboro shipments grew more than 1 percent in the quarter to 75.4 billion cigarettes. The company also saw gains in its L&M, Parliament, Bond Street and Lark brands.