Philip Morris Profits Higher
Boosted by increased market share for its premium cigarette brands, Philip Morris' profits rose 4 percent in the last quarter, the Associated Press reported April 17.
Revenues at the company rose 11.6 percent during the same period, to $22.36 billion. Tobacco earnings jumped 7.7 percent, to $1.2 billion. Brands like Marlboro, Virginia Slims and Parliament gained market share, and higher cigarette prices also boosted profits.
Overall, Philip Morris' share of the U.S. cigarette market rose to 52.4 percent. International tobacco sales rose 4.6 percent, to $1.6 billion.
Profits at Philip Morris-owned Miller Brewing Co. fell 18.4 percent, however, due to declining sales and higher marketing costs.