Philip Morris Earnings Gain on Prices, Currency Exchange Rates

Philip Morris International Inc. (PM) reported earnings of $1.07 per diluted share, a 35.4% increase from the second quarter of 2009. Second quarter revenue rose 15.1% to $7.061 billion, driven by rising prices and favorable currency exchange rates, the company said in a statement.

Net revenue rose in each of the company's markets. The biggest gain was in Asia, which saw net revenue jump 35% to $ 2.123 billion.

"Though partially flattered by a timing favorability in Japan, we posted a strong quarter across all key metrics, confirming our sustained business momentum," CEO Louis Camilleri said.