Philip Morris International (PMI) shipped more cigarettes, including its Marlboro flagship, but earned less as fluctuations in currency values undercut performance in the first three months of 2015, the company said.

Shipment volume of 198.8 billion cigarettes represented an increase of 2.7 billion units, or a 1.4 per cent increase. Marlboro volume increased 2.1 per cent to 67.2 billion cigarettes. L&M shipments rose 8.2 per cent on demand in Eastern Europe, the Mideast and Africa to 22.7 billion units.
“Our robust business momentum is such that we are raising our guidance for the year and now forecast, at prevailing exchange rates, constant-currency adjusted diluted EPS (earnings per share) growth of 9 per cent -11 per cent”, said Chief Executive Officer André Calantzopolous.
Operating income fell 2.2 per cent to just below USD 3 billion (EUR 2.8 billion). Profit declined in the European Union and the EEMA (Eastern Europe, Mideast and Africa) region. Operating income rose in Latin America/Canada and Asia. Sales fell 4.4 per cent to USD 6.6 billion. Without changes in foreign exchange rates, sales would have risen 9.2 per cent, PMI said.
PMI’s iQOS vaporizer that uses Marlboro HeatSticks did well in market tests done in Milan and Nagoya, the company said at a recent investors conference. PMI confirmed it will expand sales nationwide in both Italy and Japan, “as well as pilot or national launches in additional markets, later in 2015.”