On Thursday morning, Philip Morris International reported a decline in quarterly earnings from 2013, however, their adjusted profit had them beating analyst expectations.
Adjusted diluted earnings per share for the second quarter were $1.41, up by $0.11, or 8.5 percent from 2013. It was estimated they would bring in $1.24 per share, just under what they reported this time last year, when they brought in $1.30 per share. For profit, reported diluted earnings per share were $1.17, down by $0.13, or ten percent versus $1.30 in 2013.
Philip Morris attributes the decline to a decrease in cigarette shipping volumes and the exchange rate for the dollar. Shipping was down 2.7 percent. Net revenues, excluding excise taxes, were $7.8 billion. That's a decrease of 1.5 percent.
Altria Group spun off Philip Morris International in 2008. Philip Morris now sells the Marlboro brand outside of the United States. While they are looking to increase sales in emerging markets, they are also pushing forward a variety of electronic cigarettes. Still, this push is not enough to combat the changing perception of smoking. Philip Morris found shipping declined most in Asia.
Nonetheless, Philip Morris International stock was up 0.83 percent in pre-market trading.
This article is from the archive of our partner The Wire.