Washington - Philip Morris International Inc, the worlds largest publicly traded tobacco company, and Reynolds American Inc Thursday reported third-quarter profits that beat analysts estimates despite declining revenues. Philip Morris International, which caters only to the international markets with its Marlboro, Parliament and Virginia Slims brands, said revenues declined 4.6 per cent to 16.6 billion dollars in the third quarter compared to the same period last year. Net income dropped 14 per cent to 1.8 billion dollars.
Philip Morris has a separate domestic operation whose performance was not reported Thursday.
Reynolds, the Winston-Salem, North Carolina-based maker of Camel cigarettes, reported a 71 per cent jump in third quarter profits, to 362 million dollars, but noted the 2008 figures had been low due to trademark impairment and restructuring.
Reynolds' revenues fell 5.3 per cent to 2.15 billion dollars.
Both companies indicated they boosted prices over the past year.
