Philip Morris

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missed analysts' expectations by a penny for the latest fourth quarter, even as underlying earnings for the period rose 13% from a year ago.

The company reported underlying earnings, which exclude certain pretax items, of $1.95 billion, or 87 cents a diluted share. Wall Street expected Philip Morris to earn 88 cents. The company, which is based in New York, reported underlying earnings of $1.81 billion, or 77 cents a share, in the same quarter a year ago.

Shares of Philip Morris were off 81 cents, or 1.8%, to $44.10 in

New York Stock Exchange

trading following the news.

Fourth-quarter operating revenue totaled $19.41 billion, flat with the year-ago period. The operating results of


, which Philip Morris acquired in December, aren't included in the latest financial statements because of the timing of the acquisition.

In the fourth quarter, underlying operating income for

Philip Morris USA

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, the company's domestic tobacco business, increased 5% to $1.5 billion, but volume declined 1.8%. Underlying operating income for the company's international tobacco business rose 4.5% to $1 billion, as underlying volume increased 5.4%.

Underlying operating income for

Kraft Foods North America

rose 8.5% to $751 million for the fourth quarter, while

Kraft Foods International

said operating income rose 16% to $362 million. The company currently expects to file a registration statement with the

Securities and Exchange Commission

for the planned initial public offering of its global food business by the end of the first quarter.

Philip Morris, a component of the

Dow Jones Industrial Average

, said underlying operating income for

Miller Brewing

plunged 31.4% to $59 million in the fourth quarter.