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

Operating companies income increased by 13.5% to $948 million, despite unfavorable currency of $80 million. Excluding the impact of currency and acquisitions, operating companies income increased by 22.9%, due primarily to higher pricing and favorable volume/mix of $104 million, partly offset by higher costs, principally related to investments in marketing, notably the launch of Marlboro ClearTaste in Russia, and business infrastructure, mainly in Russia. June year-to-date, operating companies income, excluding currency and acquisitions, was up by 20.7%.

Adjusted operating companies income increased by 13.5%, as shown in the table below and detailed on Schedule 11. Adjusted operating companies income, excluding currency and acquisitions, increased by 22.9% in the quarter and was up by 20.6% June year-to-date.

EEMA Operating Companies Income ($ Millions)

                                   

Second-Quarter

Six Months Year-To-Date

2012

2011

Change

2012

2011

Change

Reported OCI $948 $835 13.5% $1,758 $1,557 12.9%
Asset impairment & exit costs

0

0

0

(2

)

Adjusted OCI $948 $835 13.5% $1,758 $1,559 12.8%
Adjusted OCI Margin*

44.1%

 

41.5%

 

2.6 p.p.

44.1%

 

42.1%

 

2.0 p.p.

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

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