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Philip Morris International Inc. (PMI) Reports 2012 Third-Quarter Results; Narrows 2012 Reported Diluted EPS Guidance To A Range Of $5.12 To $5.18

Stocks in this article: PM PMI

Regulatory News:

Third-Quarter 2012

  • Reported diluted earnings per share of $1.32, down by 2.2% versus $1.35 in 2011
    • Excluding currency, reported diluted earnings per share of $1.39 up by 3.0%
  • Adjusted diluted earnings per share of $1.38, up by 0.7% versus $1.37 in 2011, as detailed in the attached Schedule 12
    • Excluding currency, adjusted diluted earnings per share of $1.45, up by 5.8%
  • Cigarette shipment volume down by 1.3%
  • Reported net revenues, excluding excise taxes, down by 5.3% to $7.9 billion
    • Excluding currency and acquisitions, reported net revenues, excluding excise taxes, up by 3.4%
  • Reported operating companies income down by 1.5% to $3.7 billion
    • Excluding currency and acquisitions, reported operating companies income up by 4.8%
  • Adjusted operating companies income, which reflects the items detailed in the attached Schedule 11, down by 1.7% to $3.7 billion
    • Excluding currency and acquisitions, adjusted operating companies income up by 4.5%
  • Operating income down by 1.5% to $3.6 billion
  • Increased its regular quarterly dividend by 10.4% to an annualized rate of $3.40 per common share
  • Repurchased 16.7 million shares of its common stock for $1.5 billion
  • Commenced a new three-year share repurchase program of $18 billion

Year-To-Date September 2012

  • Reported diluted earnings per share of $3.92, up by 4.3% versus $3.76 in 2011
    • Excluding currency, reported diluted earnings per share of $4.11, up by 9.3%
  • Adjusted diluted earnings per share of $3.99, up by 5.8% versus $3.77 in 2011, as detailed in the attached Schedule 16
    • Excluding currency, adjusted diluted earnings per share of $4.18, up by 10.9%
  • Cigarette shipment volume up by 0.7%, excluding acquisitions
  • Reported net revenues, excluding excise taxes, up by 0.3% to $23.5 billion
    • Excluding currency and acquisitions, reported net revenues, excluding excise taxes, up by 5.4%
  • Reported operating companies income up by 2.4% to $10.9 billion
    • Excluding currency and acquisitions, reported operating companies income up by 7.1%
  • Adjusted operating companies income, which reflects the items detailed in the attached Schedule 15, up by 2.3% to $10.9 billion
    • Excluding currency and acquisitions, adjusted operating companies income up by 6.9%
  • Operating income up by 2.3% to $10.6 billion

Full-Year 2012

  • PMI narrows, at prevailing exchange rates, its 2012 full-year reported diluted earnings per share forecast to a range of $5.12 to $5.18 versus $4.85 in 2011
    • Excluding incremental adjustments since the previously announced forecast of July 19, 2012, of $0.05 per share for a net tax expense of $79 million related to the completion of the U.S. Federal Income Tax audit for the years 2004 through 2006, and $0.01 per share for asset impairment and exit costs, the range is forecast to be $5.18 to $5.24
  • Excluding a forecasted total unfavorable currency impact of approximately $0.23 for the full-year 2012, which compares favorably by $0.04 per share to the unfavorable full-year currency forecast of $0.27 per share previously announced on July 19, 2012, the reported diluted earnings forecast range of $5.12 to $5.18 per share represents a projected increase of approximately 10.5% to 11.5% versus $4.85 in 2011
  • Excluding the unfavorable impact of currency, the aforementioned net tax expense of $0.05 per share and year-to-date asset impairment and exit costs of $0.02 per share, the full-year reported diluted earnings forecast range of $5.12 to $5.18 per share represents a growth rate of approximately 11% to 12% versus adjusted diluted earnings per share of $4.88 in 2011, as detailed in the attached Schedule 20

Philip Morris International Inc. (NYSE / Euronext Paris: PM) today announced its 2012 third-quarter results.

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