Philip Morris Int'l 4Q profit falls on lower cigarette sales, unfavourable exchange rates

Philip Morris International’s fourth-quarter profit dropped about 19 per cent as cigarette sales fell in the overseas markets that it serves and it was hurt by foreign exchange rates for the U.S. dollar. The seller of Marlboro and other cigarette brands outside the United States said Thursday it earned $1.61 billion, or $1.03 per share, in the quarter, down from $1.99 billion, or $1.24 per share, a year ago.