P.M. BRIEFING : Philip Morris Profits Up 20.5%
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NEW YORK — Philip Morris Companies Inc. said today its third-quarter earnings climbed 20.5% as sales soared 45.4%, reflecting the inclusion of results from Kraft Inc. acquired late last year.
Philip Morris, which makes such widely known brands as Marlboro cigarettes, Miller beer, Oscar Mayer meats and Post cereals, said it earned $748 million, or 81 cents a share, in the three months ended Sept. 30, compared with $621 million, or 67 cents a share, a year earlier.
Third-quarter revenue soared to $11.25 billion from $7.74 billion a year earlier.
Operating revenue was up from the company’s cigarette operations as unit sales. Higher beer volume at the Miller Brewing Co. led to higher operating revenue in that division as well. The company provided no specific figures.
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