P.M. Briefing : EARNINGS : Philip Morris Income Up 25.3%
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NEW YORK — Philip Morris Cos. today reported third-quarter net income jumped 25.3% as the company’s cigarette, foods and brewing units posted double digit gains in operating income.
For the quarter ended Sept. 30, Philip Morris said net income totaled $937 million, or $1.01 a share, up from $748 million, or 81 cents a share a year earlier.
Revenue advanced 15.6% to $12.82 billion from $11.09 billion in the year-ago period.
Operating income from cigarette operations was up 17% as unit volume increased at home and abroad. During the quarter, the company announced it will supply the Soviet Union with more than 20 billion cigarettes by the end of 1991.
The company’s Kraft General Foods unit saw a 24% increase in operating income, and Post cereals and Maxwell House coffee both improved. Operating income was up 31% at Miller Brewing Co.
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