NEW YORK (AP) — Philip Morris International's fourth-quarter performance was mixed as it dealt with some higher costs and lower cigarette shipment volume. The seller of Marlboro and other cigarette brands outside the United States also gave a 2016 profit forecast below analysts' estimates.
Shares slipped more than 3 percent in Thursday premarket trading.
Philip Morris International earned $1.25 billion, or 80 cents per share, for the period ended Dec. 31. A year earlier it earned $1.61 billion, or $1.03 per share.
Marketing, administration and research costs rose, as did its asset impairment and exit costs.
Earnings, adjusted for non-recurring costs, were 81 cents per share. That matched the expectations of analysts polled by Zacks Investment Research.
Revenue for the New York-based company came to $6.39 billion, when taking out excise taxes. That's down from $7.2 billion in the prior-year period. Four analysts surveyed by Zacks expected higher revenue of $6.58 billion.
Cigarette shipment volume fell 2.4 percent to 209.8 billion units, excluding acquisitions. The company said that the decline was due to drop-offs in Asia, Latin America, Canada and Eastern Europe, the Middle East and Africa.
For the year, Philip Morris International Inc. earned $4.42 per share on revenue of $26.79 billion.
Going forward, the company anticipates 2016 earnings in a range of $4.25 to $4.35 per share. Analysts surveyed by FactSet predict $4.52 per share.
Its shares fell $2.91, or 3.2 percent, to $86.88 in premarket trading shortly before the market open.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at http://www.zacks.com/ap/PM
Keywords: Philip Morris, Earnings Report