Tobacco giant Philip Morris said today quarterly profit has climbed, driven by higher cigarette prices.
New York-based Philip Morris, whose products include Marlboro cigarettes, said it earned $1.24 per share in the second quarter, up from $1.11 a year earlier.
Analysts had expected earnings of $1.20 to $1.25 per share, with a mean estimate of $1.23, according to data from Thomson First Call.
The operations of Miller Brewing Co., which was taken over by South African Breweries on July 9th, creating the world's second largest brewer, SABMiller Plc, were included in Philip Morris' results for the second quarter. Philip Morris now holds a stake of almost 40 per cent in SABMiller.
Analysts widely expected Philip Morris to post a decline in US cigarette shipments during the second quarter since wholesalers stocked up on cigarettes during the first quarter to avoid anticipated tax and price increases.