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Philip Morris sees quarter increase.

Philip Morris sees quarter increase

Hamish Maxwell, chairman of the board and chief executive officer, Philip Morris Cos., Inc., last week announced that consolidated operating revenues, operating companies income, earnings before income taxes, net earnings, and net earnings per share increased during both the second quarter period and first half of 1990.

Operating revenues for the second quarter of this year were $12.7 billion, an increase of 11.6 percent over the $11.4 billion reported during the same period last year. Operating companies income for the second quarter was $2.3 billion, an increase of 19.4-percent over the $1.9 billion in last year's second quarter. Additionally, net earnings jumped 27.2 percent to $948 million from $745 million for last year's period.

Focusing on Philip Morris' Miller Brewing Co. specifically, Maxwell said he was pleased with the brewer's performance.

"At Miller Brewing Company, higher beer volumes for the second quarter and first half of 1990 led to increased operating revenues for the quarter and year-to-date," Maxwell explained. "Miller Genuine Draft beer and new Sharp's non-alcoholic brew contributed to the overall volume gain."
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Title Annotation:Philip Morris Companies Inc.
Publication:Modern Brewery Age
Date:Jul 30, 1990
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