Summary Box: Philip Morris Int'l 3Q profit grows

AP News
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Posted: Oct 20, 2011 8:37 AM
Summary Box: Philip Morris Int'l 3Q profit grows

THE RESULTS: Philip Morris International Inc., which sells Marlboro and other cigarette brands overseas, said its third-quarter net income grew 31 percent to $2.38 billion. It sold more cigarettes at higher prices.

ASIAN LEADS: Cigarettes shipped in Asia rose 13 percent, pushing the number of cigarettes the company sold up 4.5 percent to 239.5 billion. Shipments fell in the European Union, and Latin America and Canada, but grew 5 percent in Eastern Europe, the Middle East and Africa.

CIGARETTE MARKET: The company has raised prices and cut costs to compensate for fewer smokers in Western Europe, Latin America and Canada.