Included in PMI’s 2013 EPS forecast is a share repurchase target for the full-year of $6.0 billion.
Productivity and Cost Savings Program
In 2012, PMI exceeded its one-year gross productivity and cost savings target of $300 million primarily through the rationalization of tobacco blends and product specifications and other manufacturing and procurement initiatives.
PMI announces a one-year gross productivity and cost savings target for 2013 of approximately $300 million.2013 Full-Year Forecast PMI 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. The factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections. This guidance excludes the impact of any potential future acquisitions, unanticipated asset impairment and exit cost charges, and any unusual events. 2012 FULL-YEAR AND FOURTH-QUARTER CONSOLIDATED RESULTS In this press release, “PMI” refers to Philip Morris International Inc. and its subsidiaries. References to total international cigarette market, defined as worldwide cigarette volume excluding the United States, total cigarette market, total market and market shares are PMI estimates based on the latest available data from a number of internal and external sources and may, in defined instances, exclude the People’s Republic of China and/or PMI’s duty-free business. The term “net revenues” refers to operating revenues from the sale of our products, excluding excise taxes and net of sales and promotion incentives. Operating companies income, or “OCI”, is defined as operating income before general corporate expenses and the amortization of intangibles. PMI’s management evaluates business segment performance and allocates resources based on OCI. Management also reviews OCI, OCI margins and earnings per share, or “EPS”, on an adjusted basis (which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, discrete tax items and unusual items), earnings before interest, taxes, depreciation, and amortization, or “EBITDA”, free cash flow, defined as net cash provided by operating activities less capital expenditures, and net debt. PMI believes it is appropriate to disclose these measures as they improve comparability and help investors analyze business performance and trends. Non-GAAP measures used in this release should be considered neither in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. Comparisons are to the same prior-year period unless otherwise stated. For a reconciliation of non-GAAP measures to corresponding GAAP measures, see the relevant schedules provided with this release.
|PMI Net Revenues ($ Millions)|
|Eastern Europe, Middle East & Africa||2,139||1,972||8.5%||11.3%||8,332||7,881||5.7%||11.6%|
|Latin America & Canada||882||844||4.5%||7.3%||3,321||3,299||0.7%||6.6%|
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