“Despite the anticipated Japan hurdle and currency headwinds, we had a solid second quarter which underscored our sustained business momentum,” said Louis C. Camilleri, Chairman of the Board and Chief Executive Officer.
“Excluding the Japan hurdle, our year-to-date organic cigarette volume grew by an exceptional 3.3%. On the same basis, our currency neutral, reported and adjusted diluted earnings per share were up by a very robust 17.2% and 18.2%, respectively.
“Our broad geographic footprint, world-class brand portfolio and a strong pricing environment remain the cornerstone of our continuing ability to capitalize on growth opportunities around the world, whilst enabling us to weather uncertainty in those markets where economic conditions are still currently weak.”
Conference CallA conference call, hosted by Hermann Waldemer, Chief Financial Officer, with members of the investment community and news media, will be webcast at 9:00 a.m., Eastern Time, on July 19, 2012. Access is available at www.pmi.com. Dividends and Share Repurchase Program During the second quarter, PMI spent $1.5 billion to repurchase 17.8 million shares, as shown in the table below.
|Current $12 Billion, Three-Year Program|
|Total Under Program||11,388||172,278|
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