Philip Morris Revenue Falls, But Profit Climbs in 4Q
February 04 2021 - 8:50AM
Dow Jones News
By Allison Prang
Philip Morris International Inc.'s revenue fell in the fourth
quarter, but profit rose as costs decreased.
Earnings attributable to the tobacco company rose 22% from a
year earlier to $1.98 billion, or $1.27 a share. The comparable
period a year ago, profit was $1.62 billion, or $1.04 a share.
Adjusted earnings were $1.26 a share.
According to FactSet, analysts were expecting $1.21 a share.
Net revenues slumped 3.5% to $7.44 billion. Analysts expected
$7.41 billion.
Marketing, administration and research costs at the company fell
19% from a year ago.
The company logged an 8.2% decline in cigarette and heated
tobacco unit shipment volume. Heated tobacco shipment volume
climbed 27%, while cigarette shipment volume fell 12%.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 04, 2021 08:35 ET (13:35 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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