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Philip Morris Cos. posted a second-quarter profit increase of 17.6 percent Tuesday as its domestic tobacco business, led by the Marlboro brand, turned in its best performance since last year’s cigarette price war.
“Our worldwide tobacco business has never been in better shape, and our North American food and beer businesses continue to perform strongly compared with the competition,” said chief executive Geoffrey C. Bible.
The price battle sapped profits but now is producing the intended results for Philip Morris, which earned $1.23 billion, or $1.42 a share, in the three months ended June 30. The company’s food operations are headed by Kraft General Foods in Northfield.
