Philip Morris Profit Trails Analysts’ Estimates
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Philip Morris International Inc., the world’s largest publicly traded tobacco company, posted first-quarter earnings that fell more than analysts estimated as tax increases and economic weakness hurt shipments.
Net income fell 1.7 percent to $2.13 billion, or $1.28 a share, from $2.16 billion, or $1.25, a year earlier, the New York-based maker of Marlboro cigarettes said today in a statement. Excluding some items, profit was $1.29 a share. Analysts projected $1.34, the average of 15 estimates compiled by Bloomberg.