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Philip Morris quarterly profit misses estimates


    CHICAGO (Reuters) - Philip Morris International posted a quarterly profit below Wall Street estimates, pressured by weakness in markets like Turkey and Romania that have been hit by the struggling economy and excise tax increases.

    The world's largest non-state-owned cigarette maker also stood by its full-year earnings forecast, which could fall below many analysts' estimates.

    First-quarter profit rose to $1.75 billion, or 90 cents a share, from $1.52 billion, or 74 cents a share, a year earlier.

    Analysts on a average expected the Marlboro cigarette maker to earn 93 cents a share, according to Thomson Reuters I/B/E/S.

    The company shipped 204.7 billion cigarettes, up 0.7 percent from a year earlier.

    (Reporting by Brad Dorfman; Editing by Lisa Von Ahn)