PMI volumes down

Philip Morris International reported net revenues, excluding excise taxes, of $7.9 billion in the third quarter of 2012, down 5.3 percent from the comparable 2011 quarter. Its cigarette shipment volume was down by 1.3 percent. Operating companies’ income was down 1.5 percent, to $3.7 billion.

Excluding the impact of currency exchange rates and acquisitions, reported net revenues, excluding excise taxes, were up by 3.4 percent, and reported operating companies’ income was up by 4.8 percent.

“Despite the difficult comparisons in the third-quarter, we remain confident that the fundamentals of our business are solid as a whole, which is testament to our progress, especially in our Asia and EEMA regions,” said Louis C. Camilleri, chairman of the board and chief executive officer.

“We expect to achieve our annual organic volume growth target of 1 percent in 2012 and our adjusted diluted EPS growth to be in line with our mid-to-long term constant currency annual growth target.”