Altria Sees Profits Rise on International Tobacco
CHICAGO -- Altria Group Inc., parent company to cigarette maker Philip Morris, saw profit increase through its Philip Morris International tobacco business, reported Reuters.
Philip Morris International saw prices increase in some markets and a weaker dollar, which increases the value of sales overseas.
The U.S. segment of Philip Morris, however, saw fewer cigarettes shipped, which the company attributed to weakness in the entire industry, the report stated. The company also raised prices by 10 cents per pack in mid-December, but shipments improved in March, the company stated.
While profit rose, it did not meet analysts' expectations. On average, analysts forecast $1.06 a share, but the company achieved $1.03 per share, up from the 0.98 cents seen a year prior.
Philip Morris International saw prices increase in some markets and a weaker dollar, which increases the value of sales overseas.
The U.S. segment of Philip Morris, however, saw fewer cigarettes shipped, which the company attributed to weakness in the entire industry, the report stated. The company also raised prices by 10 cents per pack in mid-December, but shipments improved in March, the company stated.
While profit rose, it did not meet analysts' expectations. On average, analysts forecast $1.06 a share, but the company achieved $1.03 per share, up from the 0.98 cents seen a year prior.