Philip Morris Int'l 1Q profit falls nearly 2 pct

By By MICHAEL FELBERBAUM

RICHMOND, Va. (AP) — Cigarette maker Philip Morris International Inc. says its first-quarter profit fell nearly 2 percent because of a decline in the number of cigarettes it sold.

The company, based in New York and Switzerland, also lowered its full-year guidance due to unfavorable exchange rates.

The seller of Marlboro and other cigarette brands overseas said Thursday that it earned $2.13 billion, or $1.28 per share, in the quarter ended March 31, down from $2.16 billion, or $1.25 per share, a year ago.

Excluding one-time items, profit was $1.29 per share, missing analysts' estimate of $1.34 per share.

Excluding excise taxes, revenue increased nearly 2 percent to $7.6 billion. Analysts polled by FactSet expected $7.5 billion.

Cigarette shipments fell 6.5 percent on declines in Asia, the European Union and Latin America and Canada.

©2014 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.