Cigarette shipping volume at Philip Morris International (PMI) dipped in the second-quarter without the increased imports to Japan following last year’s earthquake, the company said.

Revenue also was down in the three months ended on 30 June as fluctuations in currency exchange rates stripped about USD 400 million (EUR 329 million) from USD 8.1 billion in sales, PMI said. Operating company income fell 2.7 per cent to USD 3.68 billion.
PMI shipped 6.3 billion cigarettes to Japan after the severe March earthquake and tsunami disrupted distribution at Japan Tobacco. This year overall shipping volume, excluding acquisitions, fell 1.2 per cent, in contrast to a 1.4 per cent gain reported for the second quarter of 2011.
Shipping volume of the world’s most popular brand, Marlboro, fell 1.5 per cent to 76.9 billion cigarettes. Without acquisitions, overall volume at 238.3 billion units compares with 241.2 billion in the second quarter of last year, PMI said. Through the first six months of 2012, volume gained 1.8 per cent to 457.4 billion sticks.
PMI is on track to achieve its full-year targets, the company said in its statement released on 19 July.
“Excluding the Japan hurdle, our year-to-date organic cigarette volume grew by an exceptional 3.3 per cent. On the same basis, our currency neutral, reported and adjusted diluted earnings per share were up by a very robust 17.2 per cent and 18.2 per cent, respectively,” said PMI Chief Executive Officer Louis Camilleri. (ci)