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.
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford plane crash: Star Wars actor 'seriously injured' after his vintage light aircraft crash lands in golf course in Los Angeles
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...