Philip Morris International 2nd quarter profit falls

NEW YORK — Cigarette maker Philip Morris International said Thursday its second-quarter profit fell 9 percent as the stronger dollar shrunk profit earned in other currencies. Still, it raised its 2009 profit estimate.

The seller of Marlboro and other brands overseas earned $1.55 billion, or 79 cents per share, in the three months that ended in June. That is down from $1.69 billion, or 80 cents per share, a year earlier.

Excluding one-time charges, the company earned 83 cents per share. That beat analyst expectations for 77 cents per share.

The stronger dollar dragged down per-share profit by 19 cents. Companies that do business overseas are hurt by the stronger dollar as profits earned in local currencies are converted into fewer dollars.

Revenue fell 9 percent to $15.21 billion from $16.7 billion. Excluding excise taxes, revenue was $6.13 billion, falling short of analysts’ forecast of $6.18 billion.

The company raised its forecast for 2009 profit to a range of $3.10 to $3.20 per share from a range of $2.85 to $3 per share.

Philip Morris International Inc. is the world’s largest non-governmental cigarette seller, smaller only than state-controlled China National Tobacco Corp. It has offices in Lausanne, Switzerland, and in New York.