Summary Box: Philip Morris Int'l 1Q net rises

AP News
Posted: Apr 21, 2011 8:05 AM
Summary Box: Philip Morris Int'l 1Q net rises

THE RESULTS: Cigarette maker Philip Morris International, which sells Marlboro and other brands overseas, said its first-quarter net income grew nearly 13 percent as it sold more cigarettes at higher prices.

ASIAN INCREASE: A 14 percent increase in Asia boosted the number of cigarettes the company sold overall by 1.6 percent. All other regions, including the European Union, Eastern Europe, the Middle East and Africa, and Latin America and Canada saw shipments fall.

CIGARETTE DECLINES: Philip Morris International has compensated for regional smoking declines by raising prices, taking more of the remaining market and cutting costs.