Summary Box: Philip Morris International 4Q profit rises, helped by higher prices
By APThursday, February 11, 2010
Summary Box: Philip Morris Int’l prices, profit up
WHAT HAPPENED: Philip Morris International Inc., which sells Marlboro, Parliament and other cigarettes overseas, said its fourth-quarter profit rose 5 percent, helped by higher prices and volume in newer markets.
WHY IT’S IMPORTANT: As cigarette demand falls in the U.S., Canada, Latin America and Western Europe — due to tax hikes, smoking bans, health concerns and social stigma — sales of Philip Morris brands are growing in Asia, Eastern Europe, the Middle East and Africa.
WHAT’S NEXT: Philip Morris International expects its profit to rise in 2010 despite the weak economy, high unemployment and currency volatility.
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