Philip Morris: Declining Cigarette Volumes Don’t Threaten Cash Flows to Shareholders

Philip Morris revealed third quarter earnings, excluding excise taxes, of $7.9 billion, which are down 5.3 percent on the year. Excluding unfavorable currency effects and effect from purchases, profits increased 3.4 percent on the year. Cigarette volumes dropped 1.3 percent on the year, resulting from weakness in Europe. On average, analysts predicted the company to