Philip Morris Int'l results mixed, outlook disappoints

NEW YORK (AP) - Philip Morris International's fourth-quarter performance was mixed as it dealt with some higher costs and lower cigarette shipment volume. The seller of Marlboro and other cigarette brands outside the United States also gave a 2016 profit forecast below analysts' estimates.

Philip Morris International earned $1.25 billion, or 80 cents per share, for the period ended Dec. 31. A year earlier it earned $1.61 billion, or $1.03 per share.

Marketing, administration and research costs rose, as did its asset impairment and exit costs.

Earnings, adjusted for non-recurring costs, were 81 cents per share. That matched the expectations of analysts polled by Zacks Investment Research.

Revenue for the New York-based company came to $6.39 billion, when taking out excise taxes. That's down from $7.2 billion in the prior-year period. Four analysts surveyed by Zacks expected higher revenue of $6.58 billion.

Cigarette shipment volume fell 2.4 percent to 209.8 billion units, excluding acquisitions. The company said that the decline was due to drop-offs in Asia, Latin America, Canada and Eastern Europe, the Middle East and Africa.

For the year, Philip Morris International Inc. earned $4.42 per share on revenue of $26.79 billion.

Going forward, the company anticipates 2016 earnings in a range of $4.25 to $4.35 per share. Analysts surveyed by FactSet predict $4.52 per share.

Its shares fell 74 cents to $89.05 in midday trading Thursday. Its shares are up more than 8 percent since a year ago.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at http://www.zacks.com/ap/PM

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Keywords: Philip Morris, Earnings Report