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

MIAMI - JUNE 22: Marlboro cigarettes with the new labeling system are seen at the Quick Stop store on June 22, 2010 in Miami, Florida. Today the Food and Drug Administration law banning the use of terms "light," "mild" and "low" tar goes into affect in the marketing and sale of cigarettes. The new boxes have replaced those terms with lighter-colored packaging for light brands and switched to terms such as "gold" and "silver" to replace "light" and "ultra-light". (Photo illustration by Joe Raedle/Getty Images)
Joe Raedle

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.