US: Philip Morris Disappoints With Q2 Results

Philip Morris International has reported weaker-than-expected results for its fiscal second quarter, sending shares in the company falling.

The company said revenue (excl. taxes) were down 3.1% to $6.65bn, while profit was down 5.3% to $1.79bn, even as volumes fell by 4.8% to 209.3 billion units.

Shipment volume was down 5.9% in Latin America and Canada, it fell by 7.9% in Asia, it declined 4% in Eastern Europe, Middle East and Africa, and it edged down 0.8% in the EU region.  Shipments of Marlboro fell 3.1%, but shipments of L&M edged up 0.3%.

However, the group said it expects to gain from better currency terms, and raised its full-year profit to a range of $4.45 to $4.55 per share, compared to its earlier view of $4.40 to $4.50 per share.