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Philip Morris International Inc. (PMI) Reports 2012 Second-Quarter Results; Reaffirms 2012 Full-Year Reported Diluted EPS

Operating companies income decreased by 2.4% to $1.4 billion. Excluding the marginally favorable impact of currency of $3 million, operating companies income decreased by 2.6%, reflecting an unfavorable volume/mix, partly offset by higher pricing and lower costs related to the Japan hurdle. June year-to-date, operating companies income, excluding currency, was up by 9.0%.

Adjusted operating companies income decreased by 2.4% as shown in the table below and detailed on Schedule 11. Adjusted operating companies income, excluding currency, decreased by 2.6% in the quarter and was up by 8.9% June year-to-date.

Asia Operating Companies Income ($ Millions)

                                   

Second-Quarter

Six Months Year-To-Date

2012

2011

Change

2012

2011

Change

Reported OCI $1,364 $1,398 (2.4)% $2,771 $2,491 11.2%
Asset impairment & exit costs

0

0

0

(2

)

Adjusted OCI $1,364 $1,398 (2.4)% $2,771 $2,493 11.2%
Adjusted OCI Margin*

47.8%

 

47.6%

 

0.2 p.p.

49.2%

 

47.4%

 

1.8 p.p.

*Margins are calculated as adjusted OCI, divided by net revenues, excluding excise taxes.

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