October 23, 2009 - Philip Morris International Inc. (PMI), which sells L&M, Parliament, Virginia Slims as well as Marlboros and other brands abroad, said Thursday, October 22nd its third-quarter profit fell nearly 14 percent as the stronger dollar shrunk profit earned in other currencies. PMI, the world's largest non-state-owned tobacco company, said sales volume was hurt by price increases and economic weakness, particularly in Spain and Ukraine.
Excluding acquisitions, Philip Morris' cigarette shipment volume fell 4 percent in the quarter. That was steeper than a 3 percent decline Gorham expected. The company also cited the weak Japanese economy and a shift in the timing of the Ramadan holiday for falling volume in Asia. The year-to-date decline is 2.1 percent, which Chief Executive Louis Camilleri said was more in line with the company's expectations for the full year.
Philip Morris shipped 219.3 billion cigarettes in the quarter, 2.9 percent less than a year earlier, as declines in Europe and the Middle East were offset by a rising volume in Latin America and Canada from its acquisition of Rothmans Inc. during the third quarter last year.
Slide presentation 2009 PMI 2009 Third-Quarter Report - October 22, 2009..