Philip Morris profit up 29 percent

Richmond Times-Dispatch
Published: April 23, 2008

Philip Morris International Inc., spun off last month by Altria Group Inc., today posted first-quarter profit that rose faster than analysts estimated after new varieties of Marlboro cigarettes and acquisitions spurred sales in Indonesia, Pakistan and Mexico.

Net income advanced 29 percent to $1.87 billion, or 89 cents a share, from $1.45 billion, or 69 cents, a year earlier, the New York-based company said. Revenue climbed 18 percent to $15.6 billion. The company said full-year profit would increase faster than it previously expected.

Philip Morris International, the world’s largest tobacco company outside of China, sold more clove-flavored Marlboro cigarettes in Indonesia and bolstered growth with acquisitions in Pakistan and Mexico last year. The dollar’s decline also helped boost sales.

The maker of Virginia Slims and Chesterfield cigarettes said it expects 2008 per-share profit to increase 14 percent to 16 percent, faster than its projection last month of 12 percent to 14 percent. It forecast full-year profit of $3.18 a share to $3.23 a share.

Altria, based in Henrico County, has fallen 0.7 percent since March 31. It’s scheduled to report first-quarter results tomorrow.

Altria Group and Philip Morris USA are among the Richmond area’s largest private employers with 5,630 full-time workers.