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

Stocks in this article: PM PMI

“Our robust performance in 2012 across key operational metrics was all the more impressive given the spectacular results in 2011 and the continuing economic woes affecting all southern European nations,” said Louis C. Camilleri, Chairman of the Board and Chief Executive Officer.

“We achieved organic volume growth of 1.3%, grew reported net revenues and operating companies income, excluding currency and acquisitions, by 5.6% and 8.4%, respectively, and increased our total international market share as well as that of our flagship brand, Marlboro.

“Every year since our spin-off in 2008, we have met or exceeded our adjusted diluted mid to long-term annual EPS growth target, excluding currency, of 10%-12%. The forecast we issued today for 2013 projects another year of solid performance. This consistency underpins our ability to generously reward our long-term shareholders with superior returns.”

Conference Call

A conference call, hosted by Louis C. Camilleri, Chairman of the Board and Chief Executive Officer, and Jacek Olczak, Chief Financial Officer, with members of the investment community and news media, will be webcast at 1:00 p.m., Eastern Time, on February 7, 2013. Access is available at www.pmi.com.

Dividends and Share Repurchase Program

PMI increased its regular quarterly dividend during the year to $0.85, up by 10.4% from $0.77, which represents an annualized rate of $3.40 per common share. Since its spin-off in March 2008, PMI has increased its regular quarterly dividend five times, or by 84.8% from the initial annualized rate of $1.84 per common share.

In July 2012, PMI completed ahead of schedule its three-year share repurchase program of $12 billion that began in May 2010, and, in August 2012, initiated a new three-year share repurchase program of $18 billion. During the fourth quarter, PMI spent $2.0 billion to repurchase 22.4 million shares. For the full-year 2012, PMI spent $6.5 billion to repurchase 74.9 million shares, as shown in the table below.

 

2012 PMI Share Repurchases

         

Value

     

Shares

($ Mio.)

000

$12 billion, three-year program

January - March 1,500 18,057
April - June 1,535 17,774
July 612 6,861

$18 billion, three-year program

August - September 893 9,825
October-December

1,960

22,380

Total 6,500 74,897
 

Since May 2008, when PMI began its first share repurchase program of $13 billion, which was completed in April 2010, the company has spent an aggregate of $27.9 billion to repurchase 489.0 million shares at an average price of $56.96 per share, or 23.2% of the shares outstanding at the time of the spin-off in March 2008.

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