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|
|Asset impairment & exit costs||0||0||0||(2||)|
|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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