Philip Morris, the world's top tobacco company, today posted a 5.3 per cent climb in third-quarter profits, driven by income gains at its domestic tobacco unit and volume growth in international tobacco.
Philip Morris, which makes Marlboro cigarettes, Miller beer and owns the majority in Kraft Foods, said third-quarter underlying net earnings rose to $2.356 billion from $2.237 billion a year ago.
The company said third-quarter earnings per share climbed 8.1 percent to $1.07 per share from 99 cents a year earlier.
Underlying results included the operating results of Kraft's Nabisco unit in 2001 but not in 2000, and adjust for certain items.
Analysts expected Phillip Morris to earn $1.05 to $1.08 per share, with an average estimate of $1.07, according to research firm Thomson Financial/First Call.
Underlying operating revenues jumped 12.1 percent to $22.4 billion.
Philip Morris still expects to meet its target of about 9 per cent earnings-per-share growth for the full year, Chairman and Chief Executive Officer Mr Geoffrey Bible said in a statement.
Mr Bible cautioned that currency movements and other factors are risks to that outlook, which the company first gave in July.
Philip Morris said US cigarette shipment volume fell 2.8 per cent to 52.5 billion cigarettes, due mainly to the timing of promotions shipped in June for July retail sales. The company said industry volume fell 2.4 percent to a total of 104.7 billion units.