Philip Morris International's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Philip Morris International (PM)

Q4 2011 Earnings Call

February 09, 2012 1:00 pm ET

Executives

Nicholas Rolli - Vice President of Investor Relations & Financial Communications

Louis C. Camilleri - Executive Chairman and Chief Executive Officer

Analysts

David J. Adelman - Morgan Stanley, Research Division

Judy E. Hong - Goldman Sachs Group Inc., Research Division

Erik A. Bloomquist - Berenberg Bank, Research Division

Christopher Growe - Stifel, Nicolaus & Co., Inc., Research Division

Bonnie Herzog - Wells Fargo Securities, LLC, Research Division

Christopher Ferrara - BofA Merrill Lynch, Research Division

Michael Lavery - Credit Agricole Securities (USA) Inc., Research Division

Rogerio Fujimori - Crédit Suisse AG, Research Division

Ann H. Gurkin - Davenport & Company, LLC, Research Division

Christopher Wickham - Oriel Securities Ltd., Research Division

Presentation

Operator

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Good day, and welcome to the Philip Morris International Fourth Quarter 2011 Year-End Earnings Conference Call. Today's call is scheduled to last about one hour, including remarks by Philip Morris International management and the question-and-answer session. [Operator Instructions] I will now turn the call over to Mr. Nick Rolli, Vice President of Investor Relations and Financial Communications. Please go ahead, sir.

Nicholas Rolli

Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2011 full year and fourth quarter results. You may access the release on our website at www.pmi.com.

During our call this afternoon, we'll be talking about results for the full year or fourth quarter 2011 and comparing them with the same period in 2010, unless otherwise stated. References to volumes are for PMI shipments. Industry volume and market shares are the latest data available from a number of sources. Organic volume refers to volume excluding acquisitions, which for the purposes of this presentation also includes our business combination with Fortune Tobacco Corporation in the Philippines.