Philip Morris's parent company Altria Group reported 3Q04 results yesterday. Net income increased by 6.3% y/y to USD 2.6bn while the management narrowed its estimated EPS for the FY 2004 to the upper end of USD 4.55 - 4.60. Shipments increased by 5.1%. Total Marlboro shipments were up by 1.1% y/y in 3Q due to higher sales in most regions. Marlboro shipments increased by 8.7% y/y in Central Europe. Marlboro's market share increased in a number of countries including the Czech Republic. Volume rose in Central Europe (also in Slovakia) by 22.5% y/y and by 9.8% y/y excluding acquisitions.
Source: Altria Group (Positive, especially in light of the rising cigarette taxes).
Tomáš Gatěk, Patria Finance