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

Operating companies income increased by 15.4% to $3.7 billion, despite unfavorable currency of $199 million. Excluding the impact of currency and acquisitions, operating companies income increased by a strong 21.4%, due primarily to higher pricing, and favorable volume/mix of $317 million, partly offset by higher costs, principally related to investments in marketing and business infrastructure mainly in Russia.

Adjusted operating companies income increased by 14.7%, as shown in the table below and detailed on Schedule 15. Adjusted operating companies income, excluding currency and acquisitions, increased by 20.7%.

 

EEMA Operating Companies Income ($ Millions)

                             

Fourth-Quarter

Full-Year

2012

2011

Change

2012

2011

Change

Reported OCI $921 $747 23.3 % $3,726 $3,229 15.4%
Asset impairment & exit costs

(5

)

(7)

(5

)

(25

)

Adjusted OCI $926 $754 22.8 % $3,731 $3,254 14.7%
Adjusted OCI Margin* 43.3 % 38.2% 5.1 p.p. 44.8 % 41.3 % 3.5 p.p.

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

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