P.M. BRIEFING : Philip Morris Earnings Up 31.4%

Philip Morris Cos. today reported first-quarter earnings of $775 million, or 84 cents a share, up 31.4% from $590 million, or 64 cents a share, in the year-ago period.

The food and tobacco giant posted revenues of $11.38 billion, up 7.3% from $10.61 billion in the first quarter of 1989.

“Philip Morris U.S.A.’s operating revenues increased on slightly higher cigarette unit volume,” Chairman Hamish Maxwell said. “Market share increased over the first quarter of 1989.”

“Philip Morris International Inc. operating revenues and unit volume both increased for the first quarter of 1990. International also increased its export unit volume over the first quarter of 1989.”

A new line of fat-free and cholesterol-free bakery products helped boost revenues at the General Foods USA unit.

Philip Morris has five divisions: the domestic and foreign tobacco subsidiaries; Kraft General Foods Inc., the food group; Miller Brewing Co., the beverage company, and Philip Morris Capital Corp., the financial services firm.