February 7, 2013 - 20:55 AMT
PanARMENIAN.Net - Cigarette maker Philip Morris International Inc. said Thursday, Feb 7, that its fourth-quarter net income increased 11 percent as it sold more cigarettes at higher prices, The Associated Press reports.
The seller of Marlboro and other cigarette brands overseas said shipments rose nearly 3 percent and it grew market share in a number of key markets.
Philip Morris International, based in New York and Switzerland, reported earnings of $2.1 billion, or $1.25 per share, in the three months that ended Dec. 31, up from $1.9 billion, or $1.08 per share, a year ago.
Excluding excise taxes, revenue increased nearly 3 percent to $7.9 billion. Analysts polled by FactSet expected revenue of $8.03 billion.
Looking forward, Philip Morris International said it expects full-year adjusted earnings to between $5.68 and $5.78 per share. Analysts expect earnings of $5.79.
The company said total Marlboro shipments grew more than 1 percent in the quarter to 75.4 billion cigarettes. It also saw gains in its L&M, Parliament, Bond Street and Lark brands.
Philip Morris International noted that changes in currency exchange rates hurt its profit in the quarter.
For the full year, the company said it earned $8.8 billion, or $5.17 per share, in 2012, compared with $8.59 billion, or $4.85 per share, in 2011. Revenue excluding excise taxes increased about 1 percent to $31.4 billion. Its shipments were up more than 1 percent to 927 billion cigarettes.
The company also said it exceeded its one-year gross productivity and cost savings target of $300 million in 2012 and announced a similar target for 2013.