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TheStreet Open House

Philip Morris International Inc. (PMI) Reports 2013 Third-Quarter Results; Revises 2013 Full-Year Reported Diluted EPS Forecast To A Range Of $5.35 To $5.40

Stocks in this article: PMPMI

Regulatory News:

Third-Quarter 2013

  • Reported diluted earnings per share of $1.44, up by $0.12 or 9.1% versus $1.32 in 2012
    • Excluding unfavorable currency of $0.09, reported diluted earnings per share up by $0.21 or 15.9% versus $1.32 in 2012 as detailed in the attached Schedule 13
  • Adjusted diluted earnings per share of $1.44, up by $0.06 or 4.3% versus $1.38 in 2012
    • Excluding unfavorable currency of $0.09, adjusted diluted earnings per share up by $0.15 or 10.9% versus $1.38 in 2012 as detailed in the attached Schedule 12
  • Cigarette shipment volume of 223.1 billion units, down by 5.7%
    • Cigarette shipment volume decrease of 4.1%, excluding the Philippines
  • Reported net revenues, excluding excise taxes, of $7.9 billion, up by 0.1%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, up by 1.6%
  • Reported operating companies income of $3.7 billion, down by 1.0%
    • Excluding unfavorable currency, reported operating companies income up by 3.3%
  • Adjusted operating companies income of $3.7 billion, down by 1.9%
    • Excluding unfavorable currency, adjusted operating companies income up by 2.4%
  • Reported operating income of $3.6 billion, down by 0.8%
  • Increased its regular quarterly dividend by 10.6% to an annualized rate of $3.76 per common share
  • Repurchased 16.7 million shares of the company's common stock for $1.5 billion

Nine Months Year-to-Date 2013

  • Reported diluted earnings per share of $4.02, up by $0.10 or 2.6% versus $3.92 in 2012
    • Excluding unfavorable currency of $0.23, reported diluted earnings per share up by $0.33 or 8.4% versus $3.92 in 2012 as detailed in the attached Schedule 17
  • Adjusted diluted earnings per share of $4.03, up by $0.04 or 1.0% versus $3.99 in 2012
    • Excluding unfavorable currency of $0.23, adjusted diluted earnings per share up by $0.27 or 6.8% versus $3.99 in 2012 as detailed in the attached Schedule 16
  • Cigarette shipment volume of 657.0 billion units, down by 5.3%
    • Cigarette shipment volume decrease of 3.0%, excluding the Philippines
  • Reported net revenues, excluding excise taxes, of $23.4 billion, down by 0.3%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, up by 1.7%
  • Reported operating companies income of $10.5 billion, down by 2.9%
    • Excluding unfavorable currency, reported operating companies income up by 1.0%
  • Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $10.5 billion, down by 3.3%
    • Excluding unfavorable currency, adjusted operating companies income up by 0.6%
  • Reported operating income of $10.3 billion, down by 3.0%
  • Repurchased 50.1 million shares of the company's common stock for $4.5 billion

Full-Year 2013

  • PMI revises its 2013 full-year reported diluted earnings per share forecast to be in a range of $5.35 to $5.40, versus $5.17 in 2012
    • This forecast includes the unfavorable special tax item of $0.01 per share associated with the enactment of the American Taxpayer Relief Act of 2012 reported in the first quarter of 2013, an anticipated 2013 fourth-quarter charge, related to a previously announced organizational restructuring, of approximately $0.03 per share, and reflects a cautious outlook regarding certain markets
    • Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.33 for the full-year 2013, and the aforementioned tax item and restructuring charge, reported diluted earnings per share are projected to increase by approximately 10% versus adjusted diluted earnings per share of $5.22 in 2012 as detailed in the attached Schedule 20

Philip Morris International Inc. (NYSE / Euronext Paris: PM) today announced its 2013 third-quarter results.

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