Philip Morris Profit Misses Estimates, Hurt by Strong Dollar

Updated on
  • Company says currency headwinds may lessen over course of year
  • Cigarette maker is spending to develop `reduced-risk' products

Philip Morris International Inc., the world’s largest publicly traded tobacco company, posted first-quarter profit that fell short of analysts’ estimates, hurt by the strong U.S. dollar and increased spending to develop e-cigarette products.

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