Tobacco lights up Philip Morris results
Wednesday 20 April 1994
The company earned almost as much during the first three months of the year as it did a year ago, before its controversial decision to slash the price of its best-selling brand, Marlboro.
Philip Morris made dollars 1.17bn (pounds 790m), or about dollars 1.34 a share, compared with dollars 1.2bn, or dollars 1.38 a share, during the first quarter of 1993.
The market had been expecting a profit of about dollars 1.25, and pushed Philip Morris shares up 7 8 to 511 8 . The group's overall turnover was dollars 15.5bn against dollars 15.2bn the year before.
Domestic tobacco earnings remain 25 per cent below a year ago, but margins continue to improve as shipments of Marlboro and its other premium brands increase.
Philip Morris has sold 32 per cent more Marlboros this year than it did at the beginning of 1993, pushing its share of the US market up more than five points to 27 per cent.
Sales at its foods divisions were roughly flat, with North American revenues down slightly to dollars 5.2bn because of the sale of its frozen desserts and frozen vegetables businesses.
International sales were up 2.7 per cent at dollars 2.2bn.
- 2 Why this father didn’t hide his daughter’s heroin overdose in her obituary
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 The most powerful passports in the world
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Smartphones are making children borderline autistic, says psychiatrist
Nepal earthquake: The race is on to help thousands trapped under rubble around Kathmandu, while remote villages face a long wait for help
Royal baby: Live updates as superbug closes ward at St Mary's Hospital where Duchess of Cambridge is due to give birth
Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...