RICHMOND, Va. (AP) — Philip Morris International says its fourth-quarter profit dropped 5 percent as cigarette sales fell in most of its markets and it was hurt by foreign exchange rates for the U.S. dollar.
Its adjusted results were in line with Wall Street expectations. Shares rose 1 percent in morning trading Thursday.
The seller of Marlboro and other cigarette brands overseas earned $1.99 billion, or $1.24 per share, in the October-December quarter, from $2.1 billion, or $1.25 per share, the year before.
On an adjusted basis, it earned $1.37 per share, beating Wall Street estimates by a penny, according to FactSet.
Excluding excise taxes, revenue fell about 1 percent to $7.8 billion, matching analysts' prediction.
Philip Morris International Inc., based in New York and Switzerland, says cigarette shipments fell about 4 percent.