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Philip Morris Profit Almost Doubles

IN BRIEF

October 18, 2002|Bloomberg News

Philip Morris Cos. said third-quarter profit almost doubled as the world's largest tobacco company sold Miller Brewing Co. and overseas cigarette sales increased.

Third-quarter net income rose to $4.36 billion, or $2.06 a share, from $2.33 billion, or $1.06, a year ago. Sales fell 1% to $20 billion. The Miller sale added $1.7 billion to results.

Shares of Philip Morris rose $1.70, or 4.4%, to $40.30 on the NYSE.

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