Summary Box: Philip Morris Int'l 2Q profit grows

AP News
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Posted: Jul 21, 2011 8:33 AM
Summary Box: Philip Morris Int'l 2Q profit grows

THE RESULTS: Cigarette maker Philip Morris International, which sells Marlboro and other brands overseas, said its second-quarter net income grew more than 21 to percent to $2.41 billion, or $1.35 per share, on higher cigarette prices.

ASIAN INCREASE: A 7.5 percent increase in Asia helped the number of cigarettes the company sold rise slightly. 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 business from competitors and cutting costs.