Boston, MA 07/22/2013 (wallstreetpr) – The manufacturer and seller of cigarettes and other tobacco products with operations primarily outside the United States, Philip Morris International Inc. (NYSE:PM) had recently announced the second quarter financial results for the company. The profits for the company had declined by 8% primarily owing to the decline in shipping and sales of its products and unfavorable foreign exchange rates. The second quarter earnings for the company had not only been reported to be less than analyst expectations, but had also forced PM to reduce the guidance for the financial performance results for the full fiscal year. Despite being the second largest seller of cigarettes outside the United States, the company had not been able to report significant earnings for this quarter.
The cigarette maker had reported revenues at $7.9 billion, which was observed to be a decline over the same quarter of previous year by 2.5% despite increase in the prices. Further, the company had reported earnings at $2.12 billion which translates into $1.30 per basic and diluted share, while for the second quarter of previous year, the earnings were reported to be at $2.32 billion or $1.36 per basic and diluted share.
Shares of Philip Morris International Inc. (NYSE:PM) had moved down to lose 0.72% on Friday and thereby closed at $88.61 per share for the day. The company had reported intraday prices ranging from as low as $88.45 to as high as $89.49 on the day. The 52 week low price for the stock is at $82.10 and 52 week high price is at $96.73 per share.
The company holds 1.64 billion shares outstanding and 70% of institutional ownership of capital with a market cap of $145.25 billion. On Friday, there had been a trading volume of 5.25 million shares of the company while the average is at 5.27 million shares per day.
