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Philip Morris sells fewer cigs

Cigarette maker Philip Morris International Inc.'s third-quarter net income fell more than six per cent, despite higher prices, as the company sold fewer cigarettes.

Cigarette maker Philip Morris International Inc.'s third-quarter net income fell more than six per cent, despite higher prices, as the company sold fewer cigarettes. The seller of Marlboro and other cigarette brands overseas said changes in currency exchange rates hurt its profit in the July-September quarter. The company narrowed its earnings guidance for the year. Philip Morris International said it earned $2.23 billion, or $1.32 per share, in the third quarter, down from $2.38 billion, or $1.35 per share, a year ago.