US: Philip Morris tops profit estimates, helped by higher prices | Progresiv
Philip Morris International Inc., the world’s largest publicly traded tobacco company, topped quarterly profit estimates and raised the low end of its forecast, helped by higher prices and a recovering economy. 
Chief Executive Officer André Calantzopoulos cited pricing and market-share trends for lifting results, as well as an improved macroeconomic environment. Still, the company faces shrinking volumes around the world as governments tax cigarettes more heavily and encourage people to quit the habit. Philip Morris’s total cigarette shipment volume was down 1.5 percent last quarter, excluding the effect of acquisitions.
Third-quarter revenue, excluding excise taxes, amounted to 6.9 billion dollars. That exceeded the 6.79 billion dollars projected by analysts.
To adapt to shifting demand, the company is investing in new products such as its iQOS noncombustible cigarette, which can be smoked inside without hurting indoor air quality. Philip Morris, the seller of Marlboro, also has an edge over some peers because it offers a more premium product. (www.esmmagazine.com)
