Volume reduction in several key markets - particularly for their flagship brand Marlboro - and the lack of one-time get to help overcome the third of Philip Morris International's quarter profit up 14%, tobacco Titan said on Thursday.
PMI has earned $ 1.8 billion, or 93 cents a share, for the period, compared with $ 2.1 billion, or $ 1.01 per share, in the same quarter of 2008. Adjusted to exclude the time items in 2008, the company earnings per share rose to 18%.
Average estimate of analysts surveyed by FactSet Research had been for the company to earn 90 cents per share.
Income before excise taxes fell by almost 5% to $ 16.57 billion.
The company shipped 219.3 billion units in the quarter, a decrease of 2,9%. While Latin America and Canada Posted level of income, especially from the acquisition of Rothmans inc., They were more than offset by a decline in the European Union and the rest of the world.
"While we experienced lower volume in the quarter, this was largely expected prices based on our actions and the current economic crisis on the overall level of consumption, particularly in Spain and Ukraine," said Louis Camilleri, chief executive, in income report. "Our year to date decrease in volumes of 2,1% better reflects our estimated full year of the organic volume.
Looking ahead, PMI has increased its 2009 earnings per share target range of $ 3.20 to $ 3.25. This can be compared with the previous goal of $ 3.10 to $ 3.20, and Wall Street View of $ 3.22.
Shares slipped nearly 3%, closing at $ 49.46.
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