By MICHAEL FELBERBAUM, Associated Press
RICHMOND, Va. (AP) — Philip Morris says its second-quarter profit fell about 8 percent as it shipped fewer cigarettes.
The company also lowered its full-year guidance Thursday due to unfavorable exchange rates, which also weighed on quarterly results.
The seller of Marlboro and other cigarette brands earned $2.12 billion, or $1.30 per share, in the quarter ended June 30, down from $2.32 billion, or $1.36 per share, a year ago.
Excluding excise taxes, revenue fell 2.5 percent to $7.9 billion.
Analysts had expected $1.41 per share on revenue of $8.17 billion.
Philip Morris International Inc., based in New York and Switzerland, said cigarette shipments fell about 4 percent. Volumes fell in all of its markets, including the European Union and Asia.
Shares are edging downward in premarket trading.
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