News Summary: Philip Morris Int'l 4Q profit falls
THE RESULTS: Philip Morris International Inc.'s fourth-quarter profit dropped 5 percent to $1.99 billion as cigarette sales fell in most of its markets despite commanding higher prices and it was hurt by foreign exchange rates for the U.S. dollar. Excluding excise taxes, revenue fell about 1 percent to $7.8 billion.
CIGARETTES SOLD: Cigarette shipments fell about 4 percent to 223.2 billion. Total Marlboro volumes fell nearly 1 percent to 74.8 billion cigarettes.
TOUGH ENVIRONMENT: In Asia, one of its largest growth areas, cigarette volume fell more than 9 percent. Economic woes in the European Union and increased excise taxes drove shipments down about 5 percent. Shipments also fell 1.2 percent in the region that encompasses Eastern Europe, the Middle East and Africa.