Philip Morris Int'l 3Q profit up on higher prices

RICHMOND, Va. Philip Morris International (PM) says its third-quarter profit rose 5 percent as higher prices helped offset the decline in the number of cigarettes it sold.

The seller of Marlboro and other cigarette brands overseas earned $2.34 billion, or $1.44 per share, in the quarter ended September 30, down from $2.23 billion, or $1.32 per share, a year ago.

Excluding excise taxes, revenue was essentially flat at $7.93 billion.

Analysts polled by FactSet had expected $1.44 per share on revenue of $7.94 billion.

Philip Morris International Inc., based in New York and Switzerland, said cigarette shipments fell about 6 percent. Volumes fell in all of its markets, including the European Union and Asia.