Fewer cigarette sales hurt Philip Morris
Cigarette maker Philip Morris International Inc. said Thursday its second-quarter net income fell 4 percent, despite higher prices, as the company sold fewer cigarettes.
The seller of Marlboro and other cigarette brands overseas said changes in currency values hurt profit in the April-June quarter, and cut its earnings guidance for the year because of the stronger dollar. Net income was $2.32 billion in the second quarter, down from $2.41 billion a year ago. The latest quarter’s profit beat Wall Street estimates by a penny.
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