THE RESULTS: Philip Morris International Inc.' s first-quarter profit dropped nearly 12 percent to $1.88 billion as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign exchange rates for the U.S. dollar.» Read More
Imperial Tobacco Group said Thursday that it plans to slash its work force by around 6 percent as part of its restructuring plans after its recent takeover of Spanish rival Altadis.
The U.S. Supreme Court said Monday that it would hear a Philip Morris USA appeal seeking to overturn a $79.5 million punitive damages award won by the widow of a longtime Oregon smoker.
New Yorkers start paying the highest cigarette taxes in the nation Tuesday with the latest $1.25 spike per pack that officials expect to bring in $265 million a year.
Plain packs a risk to UK cigarette profits-analysts British cigarette makers face a new and serious risk to their profits if the UK government rules that cigarettes should only be sold in plain packaging, undermining the power of brands, analysts said on Monday.
Chief executives from around Europe discussed their companies' earnings, opportunities and the challenges they face in 2008 with CNBC Europe Wednesday.
Shares of Philip Morris International, the world's largest non-state-owned cigarette maker, rose as much as 5 percent Monday morning in their first day of trading after the company was spun off from Altria Group.
European earnings failed to drive broader European markets higher, as disappointing numbers from bigger names and cautious guidance mostly pushed shares in reporting companies lower.
A new WHO report does not single out tobacco companies by name, but anti-tobacco groups have sounded the alarm about aggressive expansion in emerging markets by cigarette makers like Altria's Philip Morris International unit, which is set to be spun off as an independent company in March.
Wyeth Thursday forecast flat revenue and lower earnings for 2008 due to suddenly erupting generic competition for its blockbuster Protonix heartburn medicine and assumptions about possible generic competition for other medicines.
Altria Group posted lower quarterly profit on Wednesday due to the spinoff last year of Kraft Foods, and set March 28 as the date for its planned spinoff of Philip Morris International.
Britain's Imperial Tobacco Group on Tuesday said earnings grew further in the last three months of 2007 along with higher cigarette volumes and share gains in many of its markets.
More than seven-and-a-half million people -- or about 20,000 people a day -- will die of cancer this 2007. That's the sobering new estimate from a first-of-its-kind global study out of the American Cancer Society.
Loews said it plans to spin off its cigarette unit, Lorillard, which makes Newport, Kent and Maverick cigarettes.
Tobacco company Altadis said Friday its net profit rose more than 14 percent in the first nine months of the year, recovering from a price battle among cigarette producers.
Altria Group, owner of the Philip Morris cigarette businesses in the U.S. and abroad, agreed Thursday to buy cigar maker John Middleton for $2.9 billion in cash, a deal that adds to the company's non-cigarette products in the U.S. market.
British American Tobacco, the world's second-biggest cigarette maker, beat forecasts with a 9 percent rise in nine-month earnings but said on Thursday it still expected slower fourth-quarter growth.
Imperial Tobacco, which is looking to take over rival Altadis, met forecasts with a 12 percent rise in annul earnings on Tuesday, but a delay until January in completing the Altadis deal hit its shares.
Loews said on Monday third-quarter profit fell 12.5 percent, as the cost of a legal settlement at its CNA Financial offset improved results in tobacco and drilling operations.
Bid target Altadis posted in-line first-half net profit of 247 million euros ($335.8 million) on Thursday, but predicted the second half could be sapped by the effect of dollar weakness on income.
Altria Group is widely expected to announce plans for the spinoff of its Philip Morris International unit this week, but some analysts see limited gains for a stock that already looks more expensive than its peers.