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

2012 Fourth-Quarter

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)
					Fourth-Quarter												Full-Year
					2012				2011				Change				2012				2011				Change
Reported OCI					$3,295				$3,009				9.5%				$14,153				$13,613				4.0%
Asset impairment & exit costs					(33	)			(49	)							(83	)			(109	)
Adjusted OCI					$3,328				$3,058				8.8%				$14,236				$13,722				3.7%
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)
					Fourth-Quarter										Full-Year
					2012			2011			Change				2012			2011			Change
European Union					46,744			49,580			(5.7)%				197,966			211,493			(6.4)%
Eastern Europe, Middle East & Africa					77,356			72,218			7.1%				303,828			290,250			4.7%
Asia					82,573			78,095			5.7%				326,582			313,282			4.2%
Latin America & Canada					26,446			26,729			(1.1)%				98,660			100,241			(1.6)%
Total PMI					233,119			226,622			2.9%				927,036			915,266			1.3%

2012 Full-Year

PMI’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%.

« First ‹ Previous 1 2 3 4 5 6 7 8 9 ... Next › Last »