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

2012 Fourth-Quarter

Net revenues of $7.9 billion were up by 2.8%, including unfavorable currency of $270 million. Excluding currency and acquisitions, net revenues increased by 6.4%, driven by favorable pricing across all Regions of $422 million, and favorable volume/mix of $66 million driven by EEMA and Asia, partly offset by the EU.

OPERATING COMPANIES INCOME
 

PMI Reported Operating Companies Income ($ Millions)
     

Fourth-Quarter
   

Full-Year
            Excl.             Excl.

2012

2011

Change

Curr.

2012

2011

Change

Curr.
European Union $955 $1,012 (5.6)% 2.1% $4,187 $4,560 (8.2)% 0.2%
Eastern Europe, Middle East & Africa 921 747 23.3% 25.4% 3,726 3,229 15.4% 21.6%
Asia 1,129 1,036 9.0% 9.7% 5,197 4,836 7.5% 6.7%
Latin America & Canada

290

214
35.5% 37.4%

1,043

988
5.6% 11.9%
Total PMI $3,295 $3,009 9.5% 13.0% $14,153 $13,613 4.0% 8.4%
 

2012 Full-Year

Reported operating companies income was up by 4.0% to $14.2 billion, including unfavorable currency of $607 million. Excluding currency and acquisitions, operating companies income was up by 8.4%, driven by higher pricing, partly offset by unfavorable volume/mix of $233 million, higher manufacturing costs, and increased marketing, sales and distribution investments notably in Germany, Indonesia and Russia. Adjusted operating companies income increased by 3.7% as shown in the table below and detailed on Schedule 15. Adjusted operating companies income, excluding currency and acquisitions, increased by 8.1%. Adjusted operating companies income margin, excluding the impact of currency and acquisitions, was up by 1.1 percentage points to 45.2%, as detailed on Schedule 15.

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