Earnings Rise 33% at Philip Morris
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Philip Morris Cos., the world’s biggest cigarette maker, said first-quarter earnings rose 33% after costs fell at Kraft Foods Inc. and the company had fewer expenses related to its acquisition of Nabisco Holdings Corp.
Net income at the maker of Marlboro cigarettes rose to $2.37billion, or $1.09 a share. Last year, Philip Morris had to write down the Nabisco acquisition, which boosted costs. Under new accounting rules, the company no longer must do that.
Operating profit, which excludes certain costs, was $2.47billion, or $1.14 a share, a penny better than analyst estimates. Sales rose 2.9% to $20.5 billion.
Shares of the New York-based company fell 29 cents to $53.07 on the New York Stock Exchange.
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