Philip Morris International Inc., the world’s largest publicly traded tobacco company, posted first-quarter earnings that fell more than analysts estimated as tax increases and economic weakness hurt shipments.
Tobacco companies handed investors the best returns in the last decade when adjusted for volatility, and analysts at BNY Mellon Wealth Management and Janney Montgomery Scott LLC say that will continue as profits prove resilient amid economic turmoil.
Kraft Foods Inc. , the world’s biggest confectioner after its acquisition of Cadbury Plc, forecast 2010 operating earnings that trailed analysts’ estimates as it spends more on marketing and pays integration costs tied to the merger.
Kraft Foods Inc ., the world’s second- largest food company, said second-quarter profit increased as improved performance in Europe and emerging markets offset weaker-than-expected sales in North America.
Kellogg Co., the maker of Corn Flakes cereal and Keebler cookies, said third-quarter profit fell 14 percent as it boosted spending to upgrade factories and monitor suppliers more closely. The shares fell the most in three years.