Philip Morris (NYSE:PM) reported today that its net income for the second quarter dipped 4% compared to last year, falling to $2.32 billion. Revenues slipped 2% compared to last year, falling to $8.1 billion. EPS for the second quarter came it at $1.36.
The results narrowly topped Wall Street, which had been looking for EPS of $1.35 on revenue of $8 billion, the Associated Press noted.
Philip Morris said that a rising U.S. dollar had trimmed profits from overseas sales during the quarter, but it reiterated its estimate of between $5.10 and $5.20 earnings per share for the year.
Cigarette shipments declined 1% during the quarter to 238.3 billion. Sales in Western Europe fell 9.4% and dipped 3% in the Americas, but rose 5% in the Middle East, Africa and Eastern Europe.
Philip Morris noted that it repurchased 17.8 million shares during the quarter at a cost of $1.5 billion. It will launch a three-year, $18 billion share repurchase program next month.
Shares of Philip Morris rose about 1% in Thursday midday trading.