RICHMOND, Va. (AP) -- Philip Morris International says its fourth-quarter profit dropped 5% as cigarette sales fell in most of its markets and it was hurt by foreign exchange rates for the U.S. dollar.

Its adjusted results were in line with Wall Street expectations.

The seller of Marlboro and other cigarette brands overseas earned $1.99 billion, or $1.24 per share, in the October-December quarter, from $2.1 billion, or $1.25 per share, the year before.

On an adjusted basis, it earned $1.37 per share, beating Wall Street estimates by a penny, according to FactSet.

Excluding excise taxes, revenue fell about 1% to $7.8 billion, matching analysts' prediction.

Philip Morris International, based in New York and Switzerland, says cigarette shipments fell about 4%.