1st Quarter 2008 - Philip Morris International (PMI) post 29% profit increase..

April 24, 2008 - Philip Morris International (PMI) post 29% profit increase but in regions such as the European Union (EU)and Japan continued to show declines in volume.. Higher taxes and bans on smoking in public places has played a role in parts of the EU. PMI cigarette shipment volume for the quarter was 217.9 billion units, up 2.2%, driven by strong demand in EEMA (Eastern Europe, Middle East & Africa), Asia and Latin America. The cigarette shipment volume decline of 5.9% in the European Union or EU was adversely distorted by unfavorable inventory movements in the Czech Republic and Germany. While total cigarette shipments of PMI's flagship Marlboro declined 1.2% to 77.3 billion units, mainly due to a drop in EU, there was growth in EEMA, Asia and Latin America. Total cigarette shipments of L&M declined 8% to 23.8 billion units in sharp contrast to shipments of Chesterfield that grew 18.3% over the prior-year quarter. Shipments of Parliament recorded similar strong growth of 18.8%, while shipments of Virginia Slims grew 13.7%. Total shipment volume of Other Tobacco Products or OTP (in cigarette equivalent units) surged more than 33%, fueled by strong growth in Germany and Poland. The company plans to invest further to expand key markets around the world. PMI was recently spun off from parent Altria Group, Inc. - this was the 1st time it reported as an independent company.
More detail on First-Quarter 2008 results..
History - Philip Morris International..