International tobacco to food conglomerate Philip Morris Companies (PMC) has posted underlying diluted earnings per share (EPS) up 11.7% to US$1.24 and underlying net earnings up 8% to US$2.7bn, for its Q2 2002. "PMC had another strong quarter," said Louis C. Camilleri, president and CEO: "Our domestic tobacco business delivered solid income gains in a highly competitive marketplace. Our international tobacco business delivered strong volume and income gains, with excellent share growth across most of its key markets. Kraft Foods also delivered a very strong quarter, with pro forma diluted earnings per share up 17% behind a solid income gain and increased volume. During the quarter, we announced the merger of Miller Brewing Company with South African Breweries, which was completed on 9 July."