Philip Morris International income up nearly 8 percent

By: ASSOCIATED PRESS | WSLS
Published: February 09, 2012

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Cigarette maker Philip Morris International says its fourth-quarter net income grew nearly 8 percent as it commanded higher prices for its brands.

The seller of Marlboro and other cigarette brands outside the U.S. said today it earned $1.88 billion, or $1.08 per share, for the period ended Dec. 31. That's up from $1.75 billion, or 96 cents per share, a year ago.

Adjusted earnings were $1.10 per share, matching analyst expectations.

Excluding excise taxes, revenue grew 9 percent to $7.67 billion. Analysts polled by FactSet expected $7.39 billion.

Philip Morris International Inc. says it shipped less than 1 percent more cigarettes than last year's quarter. Gains in Asia helped offset declines in the European Union, and Latin American and Canada.