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Philip Morris International Inc. said its profit and sales fell for the latest quarter as the cigarette producer saw weaker demand and faced some manufacturing challenges tied to the Covid-19 pandemic.
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Philip Morris on Tuesday posted earnings of $1.95 billion, or $1.25 a share, compared with $2.32 billion, or $1.49 a share, in the comparable quarter last year.
Adjusted earnings were $1.29 a share, or $1.35 a share excluding currency fluctuations, ahead of the $1.10 a share analysts had expected.
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Sales fell 14% to $6.65 billion. Analysts were looking for $6.5 billion.
The company said cigarette shipments fell 18% in the quarter, dragged down in part by weakness in South and Southeast Asia, where volumes were off 28% year over year, and Latin America and Canada, where they fell 20%.
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Philip Morris also said Tuesday that virtually all of its factories are currently running, but some sites had to navigate government restrictions tied to the coronavirus.
“The large majority of PMI’s manufacturing facilities globally are currently operational, including all heated tobacco unit factories. Certain cigarette production facilities are temporarily impacted by government-mandated shutdowns or production limitations,” the company said.
