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Volumes drops hit Philip Morris International
Categories:
· Business
International:
· USA
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Source:http://www.marketwatch.com/,2009-10-28
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Volume declines in some key markets -- especially for its flagship Marlboro brand - and the lack of a one-time gain helped push Philip Morris International's third-quarter profit down 14%, the tobacco titan said Thursday.
PMI earned $1.8 billion, or 93 cents a share, on the period, down from $2.1 billion, or $1.01 a share, in the same quarter of 2008. Adjusted to exclude on-time items in 2008, the company's earnings per share would have risen 18%.
The average estimate of analysts polled by FactSet Research had been for the company to earn 90 cents a share.
Revenue before excise taxes fell almost 5% to $16.57 billion.
The company shipped 219.3 billion units in the quarter, a decline of 2.9%. While Latin America and Canada posted volume gains, especially from the acquisition of Rothmans Inc., they were more than offset by declines in the European Union and the rest of the world.
"While we experienced lower organic volume in the quarter, this was largely anticipated given our pricing actions and the on-going impact of the economic crisis on total consumption levels, notably in Spain and Ukraine," said Louis Camilleri, chief executive, in the earnings report. "Our year-to-date volume decline of 2.1% better reflects our estimated full-year organic volume performance."
Looking ahead, PMI upped its 2009 earnings per share target to a range of $3.20 to $3.25. That compares to a previous goal of $3.10 to $3.20 and a Wall Street view of $3.22.
Shares slipped almost 3% to close at $49.46. |
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