Reported operating companies income was up by 9.5% to $3.3 billion, including unfavorable currency of $106 million. Excluding currency, operating companies income was up by 13.0%, driven by higher pricing, marginally offset by unfavorable volume/mix of $12 million. Adjusted operating companies income increased by 8.8% as shown in the table below and detailed on Schedule 11. Adjusted operating companies income, excluding currency and acquisitions, increased by 12.3%. Adjusted operating companies income margin, excluding the impact of currency and acquisitions, was up by 2.2 percentage points to 42.1%, as detailed on Schedule 11.
|PMI Operating Companies Income ($ Millions)|
|Asset impairment & exit costs||(33||)||(49||)||(83||)||(109||)|
|Adjusted OCI Margin*||42.2||%||39.9||%||2.3 p.p.||45.4||%||44.1||%||1.3 p.p.|
*Margins are calculated as adjusted OCI, divided by net revenues, excluding excise taxes.
|SHIPMENT VOLUME & MARKET SHARE|
|PMI Cigarette Shipment Volume by Segment (Million Units)|
|Eastern Europe, Middle East & Africa||77,356||72,218||7.1%||303,828||290,250||4.7%|
|Latin America & Canada||26,446||26,729||(1.1)%||98,660||100,241||(1.6)%|
2012 Full-YearPMI’s cigarette shipment volume was up by 1.3%, excluding acquisitions. Excluding acquisitions and the Japan hurdle of 6.3 billion units related to additional volume shipped in the second quarter of 2011 following the disruption of PMI’s principal competitor’s supply chain, PMI’s cigarette shipment volume was up by a robust 2.0%.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV