Philip Morris said its third-quarter profit jumped...
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Philip Morris said its third-quarter profit jumped 16.1% on a 76% revenue increase. However, the company’s profit increased a much more modest 5.1% when the year-ago results include a gain from the company’s sale of its industrial operations in mid-1985. That sale increased the 1985 quarter’s net earnings by $38 million. The latest results include those of General Foods--which Philip Morris acquired in November--but not those of Seven-Up, which Philip Morris has agreed to sell.
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