Philip Morris International 3Q profit falls
Cigarette maker Philip Morris International says its third-quarter profit fell nearly 14 percent as the stronger dollar shrunk profit earned in other currencies.
The seller of Marlboro and other brands overseas sold fewer cigarettes because of higher prices and the weak global economy.
The company says it earned $1.79 billion, or 93 cents per share, in the three months that ended in September.
Revenue excluding tobacco taxes fell 5.3 percent to $6.58 billion.
Analysts expected profit of 89 cents per share on revenue of $6.71 billion.
Philip Morris International is the world’s second-biggest cigarette maker after the state-controlled China National Tobacco Corp.
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