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TheStreet Open House

Philip Morris International Inc. (PMI) Reports 2012 Results; Provides 2013 Earnings Per Share Forecast

Regulatory News:

2012 Full-Year

  • Reported diluted earnings per share of $5.17, up by 6.6% versus $4.85 in 2011
  • Adjusted diluted earnings per share of $5.22, up by 7.0% versus $4.88 in 2011, or up by 11.7% excluding currency, as detailed in the attached Schedule 16
  • Cigarette shipment volume, excluding acquisitions, up by 1.3%
  • Reported net revenues, excluding excise taxes, up by 0.9% to $31.4 billion
    • Excluding currency and acquisitions, reported net revenues, excluding excise taxes, up by 5.6%
  • Reported operating companies income up by 4.0% to $14.2 billion
    • Excluding currency and acquisitions, reported operating companies income up by 8.4%
  • Adjusted operating companies income, which reflects the items detailed in the attached Schedule 15, up by 3.7% to $14.2 billion
    • Excluding currency and acquisitions, adjusted operating companies income up by 8.1%
  • Operating income up by 3.9% to $13.8 billion
  • Increased its regular quarterly dividend during the year by 10.4% to an annualized rate of $3.40 per common share
  • Repurchased 74.9 million shares of its common stock for $6.5 billion
  • Commenced a new three-year share repurchase program during the year of $18 billion

2012 Fourth-Quarter

  • Reported diluted earnings per share of $1.25, up by 15.7% versus $1.08 in 2011
  • Adjusted diluted earnings per share of $1.24, up by 12.7% versus $1.10 in 2011, or up by 16.4% excluding currency, as detailed in the attached Schedule 12
  • Cigarette shipment volume, excluding acquisitions, up by 2.9%,
  • Reported net revenues, excluding excise taxes, up by 2.8% to $7.9 billion
    • Excluding currency and acquisitions, reported net revenues, excluding excise taxes, up by 6.4%
  • Reported operating companies income up by 9.5% to $3.3 billion
    • Excluding currency and acquisitions, reported operating companies income up by 13.0%
  • Adjusted operating companies income, which reflects the items detailed in the attached Schedule 11, up by 8.8% to $3.3 billion
    • Excluding currency and acquisitions, adjusted operating companies income up by 12.3%
  • Operating income up by 9.5% to $3.2 billion
  • Repurchased 22.4 million shares of its common stock for $2.0 billion

2013

  • Forecasts 2013 full-year reported diluted earnings per share to be in a range of $5.68 to $5.78, at prevailing exchange rates, versus $5.17 in 2012. Excluding a forecasted total unfavorable currency impact of approximately $0.06 for the full-year 2013, the reported diluted earnings per share range represents a projected increase of 10% to 12% versus adjusted diluted earnings per share of $5.22 in 2012, as detailed in the attached Schedule 16
  • Forecast includes a one-year gross productivity and cost savings target for 2013 of approximately $300 million
  • Forecast includes a share repurchase target amount for 2013 of $6.0 billion

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

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