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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

Adjusted operating companies income margin, excluding unfavorable currency, increased by 0.4 points to 47.5%, as detailed in Schedule 11.

 

SHIPMENT VOLUME & MARKET SHARE

 

PMI Cigarette Shipment Volume (Million Units)

             

Third-Quarter

Nine Months Year-to-Date

2013

2012

Change

2013

2012

Change

European Union 48,969 51,629 (5.2 )% 140,659 151,222 (7.0 )%
Eastern Europe, Middle East & Africa 76,902 81,388 (5.5 )% 220,034 226,472 (2.8 )%
Asia 73,296 79,507 (7.8 )% 226,503 244,009 (7.2 )%
Latin America & Canada 23,957 24,007 (0.2 )% 69,774 72,214 (3.4 )%
Total PMI 223,124 236,531 (5.7 )% 656,970 693,917 (5.3 )%
 

2013 Third-Quarter

PMI's cigarette shipment volume of 223.1 billion units decreased by 5.7%, or 13.4 billion units, due principally to a total industry volume decline. The decrease in PMI's cigarette shipment volume mainly reflected: in the EU, the unfavorable impact of excise tax-driven price increases, the weak economic and employment environment, the share growth of the other tobacco products (OTP) category, and the prevalence of non-duty paid products; in EEMA, the impact of price increases in Russia in the first and third quarters of 2013, an increase in illicit trade and a weak economy; and, in Asia, the unfavorable impact of the disruptive January 2013 excise tax increase in the Philippines, and lower share and the reversal of trade inventory movements in Pakistan following the excise tax increase in the second quarter of 2013, partly offset by Indonesia. Excluding the Philippines, PMI's cigarette shipment volume decreased by 4.1%. On a nine months year-to-date basis, PMI's cigarette shipment volume decreased by 3.0%, excluding the Philippines.

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