Strong Dollar Crimps Philip Morris Earnings

NEW YORK -- Philip Morris International(PM Quote), which makes cigarettes for overseas smokers, said first-quarter profit fell 12% in the first quarter mainly because of the strong dollar.

The company said it earned $1.48 billion, or 74 cents a share, compared with $1.67 billion, or 79 cents a share, in the same period a year ago. The figures include profit from non-controlling assets.

Revenue fell 7% to $13.29 billion. Excluding the effect of exchange rates, sales rose nearly 6%.

Analysts expected a profit of 75 cents a share on $5.48 billion in revenue.

The New York-based company said it still expects to earn $2.85 to $3 a share in 2009.