UPDATE 1-Philip Morris quarterly profit misses estimates

Thu Apr 22, 2010 7:21am EDT

* EPS $0.90 vs Wall St $0.93 view

* Cigarette volume up 0.7 percent

CHICAGO, April 22 (Reuters) - Philip Morris International (PM.N) posted a quarterly profit below Wall Street estimates, pressured by weakness in markets like Turkey and Romania that have been hit by the struggling economy and excise tax increases.

The world's largest non-state-owned cigarette maker also stood by its full-year earnings forecast, which could fall below many analysts' estimates.

First-quarter profit rose to $1.75 billion, or 90 cents a share, from $1.52 billion, or 74 cents a share, a year earlier.

Analysts on a average expected the Marlboro cigarette maker to earn 93 cents a share, according to Thomson Reuters I/B/E/S.

The company shipped 204.7 billion cigarettes, up 0.7 percent from a year earlier. (Reporting by Brad Dorfman; Editing by Lisa Von Ahn)

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.