Philip Morris International Inc. (PMI) Reports 2008 Third Quarter Results..

October 22, 2008 - PMI cigarette shipment volume of 225.9 billion units was up 4.0% for the quarter, driven by EEMA (Eastern Europe, Middle East, Africa), Asia and Latin America & Canada, partly offset by a decline in the European Union (EU). On an organic basis, excluding acquisitions, PMI's cigarette shipment volume was up a robust 3.2%, benefiting from particularly strong performances in Argentina, Indonesia, Korea, Russia and Ukraine.

Total cigarette shipments of Marlboro of 80.3 billion units were up 1.1%, with growth in EEMA, Asia and Latin America & Canada, partly offset by a decline in the EU. Total cigarette shipments of L&M of 24.0 billion units were down 3.6%, with a decline in EEMA partially offset by growth in the EU. Led by double-digit growth in EEMA and an increase in the EU, total cigarette shipments of Chesterfield grew 14.6% versus the prior-year quarter. Total cigarette shipments of Parliament continued to record strong growth, up 15.8%, driven by gains in EEMA. Virginia Slims grew 3.6%, driven by gains in EEMA and Latin America & Canada. Shipment volume of other tobacco products (in cigarette equivalent units) surged 36.2%, fueled by strong growth in France and Poland.


In Indonesia, a haven for tobacco companies and the only nation in Asia which has NOT signed or ratified the WHO Framework Convention on Tobacco Control (FCTC), PMI's shipment volume rose 13.0% versus the same period last year, reflecting gains by Marlboro, up 12.8%, and A Mild, up 24.2%. Indonesians smoking more than ever before... In Japan PMI's shipments were down 7.1%, primarily reflecting the lower total market. The Japanese puffed 260 billion cigarettes last year (2007), a 17.1 per cent decrease compared to 2002, according to Euromonitor International.

Press Release: Philip Morris International Inc. (PMI) Reports 2008 Third Quarter Results, PMI, 10/22/2008.

Conferenece Call: Philip Morris International Inc. Q3 2008 Earnings Call Transcript, October 22, 2008 09:00 am ET.

PMI has completed the successful acquisition of Rothmans Inc. in Canada. The Rothman stock was de-listed on October 20 and PMI now owns 100% of the company. The Canadian business results were incorporated into the Latin America and Canada region as of September19, but were immaterial for Q3 results.

Related news brief: Philip Morris International is suppose to post 'solid' 2008 3rd-quarter earnings..