The New York-based tobacco company, which recently completed the spinoff of its
food unit, made $2.13 billion, or $1.01 a share, from continuing operations, down from the year-ago $2.6 billion, or $1.24 a share. Revenue rose 8.2% from a year ago to $17.56 billion.
Excluding certain items, latest-quarter earnings were $1.03 a share, 3 cents shy of the Thomson Financial analyst consensus estimate.
"Philip Morris International had a strong first quarter with robust income growth, driven by higher pricing and aided by favorable currency, but faced challenges in certain markets, most notably Japan and Germany," CEO Louis Camilleri said. "Philip Morris USA had a relatively weak quarter, but its retail share and volume performance improved as the quarter unfolded."
Altria said it expects to make $4.20 to $4.25 a share for the year, against the $4.27 Thomson Financial estimate.