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Philip Morris sees net earnings rise.

Philip Morris sees net earnings rise

Philip Morris Cos. Inc., recently announced that consolidated operating revenues for 1990 increased 16.1 percent to $51.2 billion from $44.1 billion in 1989. Operating companies income increased 22.1 percent to $8.7 billion. Net earnings were up 20.2 percent to $3.5 billion from the prior year's net of $2.9 billion.

Miller Brewing Co., the company's brewing subsidiary, saw revenues of $3.5 billion, an increase of 5.7 percent from 1989. Operating income rose 26.1 percent to $285 million.

"Miller's total shipments, including Sharp's non-alcoholic brew and exports rose for the year to 43.5 million barrels, a 3.8-percent increase over 1989," said Hamish Maxwell, Philip Morris' chairman of the board and chief executive officer. "As a result, we increased our share of the total U.S. brewing industry.

"In the premium beer segment, Miller Genuine Draft was one of the fastest-growing brands in the industry," Maxwell continued. "Miller Lite continues to lead the low-calorie segment. Miller Sharp's, first introduced last December, fueled the growth of the non-alcoholic brew segment, with our share at 27 percent."
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Title Annotation:Phillip Morris Cos. Inc.
Publication:Modern Brewery Age
Date:Feb 18, 1991
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