June 2009 -- Philip Morris' net income fell by 12% in the first quarter of 2009 to $1.52 billion compared with $1.72 billion in the year-earlier period.
"Our quarterly results met our expectations and demonstrate that our performance on a constant currency basis remains robust, with net revenues, operating companies income and earnings per share up 6.3%, 8.8% and 12.7%, respectively," said Louis Camilleri, CEO.
The company saw a 3.7% decrease in volume in the EU and a drop of 0.3% in Eastern Europe. In 2008, the company held an estimated 15.6% share of the total international cigarette market outside of the United States.
"While the economic crisis naturally causes continued uncertainty, these results, combined with the geographic expansion of the new Marlboro architecture, support our confidence in our ability to meet our constant currency growth targets in 2009 and beyond."
