News Summary: Philip Morris Int'l 3Q profit falls
THE RESULTS: Philip Morris International Inc.'s third-quarter net income fell more than 6 percent to $2.23 billion, despite higher prices, as the company sold fewer cigarettes. Excluding excise taxes, revenue fell about 5 percent to $7.9 billion.
CIGARETTE VOLUMES: The company, which sells Marlboro and other cigarette brands overseas, said shipments fell more than 1 percent to 236.5 billion cigarettes, with declines in the European Union, Latin America and Canada. Shipments rose 3 percent in the region that encompasses Eastern Europe, the Middle East and Africa, and less than 1 percent in Asia.
MARLBORO DECLINES: Marlboro shipments fell 2.3 percent in the quarter to 77.1 billion cigarettes.