Philip Morris Int'l profit up, raises forecast

Marlboro cigarette maker Philip Morris International Inc on Wednesday posted higher quarterly profit, helped by the weak dollar and better pricing in Poland, Russia and Turkey.

The company, which was spun off from Altria Group Inc at the end of March, also raised its full-year earnings forecast, citing favorable foreign exchange rates and other factors.

The world's largest non-state owned cigarette maker posted first-quarter profit of $1.87 billion, or 89 cents a share, compared with pro-forma results of $1.45 billion, or 69 cents a share, a year earlier. Earnings-per-share figures for the 2007 quarter are based on the number of shares distributed by Altria in the spin-off.

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- Posted: 2008-04-23 08:19:49

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