Once registered, you can:

  • - Read additional free articles each month
  • - Comment on articles and featured creative work
  • - Get our curated newsletters delivered to your inbox

By registering you agree to our privacy policy, terms & conditions and to receive occasional emails from Ad Age. You may unsubscribe at any time.

Are you a print subscriber? Activate your account.

PM profits plummet

Published on .

Philip Morris Cos., New York, said fourth-quarter net income nose-dived by 79% from a year ago, to $274 million. Hurting profits was $2 billion-plus in charges related to tobacco litigation settlements, PM said. Revenue was up 7% to $18.4 billion; tobacco revenue worldwide rose 10% to $10.2 billion. For the year, net income fell 15% to $5.4 billion; revenue climbed 3% to $74.4 billion.

Copyright January 1999, Crain Communications Inc.

Most Popular
In this article: