UPDATE: Philip Morris Posts Weak Q1 Profit

Philip Morris International

reported a 1.7% drop in its first-quarter profit. Philip Morris' quarterly profit declined to $2.125 billion, from $2.161 billion, in the year-ago period. Its earnings per share climbed to $1.28 from $1.25, while adjusted earnings per share came in at $1.29. Its revenue climbed 1.8% to $7.6 billion. However, analysts were projecting earnings of $1.34 per share on revenue of $7.5 billion. Phillip Morris projects 2013 earnings of $5.55 to $5.65 per share versus $5.17 per share in 2012. Philip Morris shares dropped 1.49% to $92.70 in pre-market trading.