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Philip Morris International Inc. (PMI) Reports 2013 Results; Provides 2014 Earnings Per Share Forecast

Regulatory News:

2013 Full-Year

  • Reported diluted earnings per share of $5.26, up by $0.09 or 1.7% versus $5.17 in 2012
    • Excluding unfavorable currency of $0.34, reported diluted earnings per share up by $0.43 or 8.3% versus $5.17 in 2012 as detailed in the attached Schedule 17
  • Adjusted diluted earnings per share of $5.40, up by $0.18 or 3.4% versus $5.22 in 2012
    • Excluding unfavorable currency of $0.34, adjusted diluted earnings per share up by $0.52 or 10.0% versus $5.22 in 2012 as detailed in the attached Schedule 16
  • Cigarette shipment volume of 880.2 billion units, down by 5.1%
    • Cigarette shipment volume down by 2.7%, excluding the Philippines
  • Reported net revenues, excluding excise taxes, of $31.2 billion, down by 0.5%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, up by 1.9%
  • Reported operating companies income of $13.8 billion, down by 2.7%
    • Excluding unfavorable currency, reported operating companies income up by 1.9%
  • Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $14.1 billion, down by 1.1%
    • Excluding unfavorable currency, adjusted operating companies income up by 3.4%
  • Reported operating income of $13.5 billion, down by 2.5%
  • Regular quarterly dividend increased by 10.6% to an annualized rate of $3.76 per common share
  • Repurchased 67.2 million shares of the company's common stock for $6.0 billion

2013 Fourth-Quarter

  • Reported diluted earnings per share of $1.24, down by $0.01 or 0.8% versus $1.25 in 2012
    • Excluding unfavorable currency of $0.11, reported diluted earnings per share up by $0.10 or 8.0% versus $1.25 in 2012 as detailed in the attached Schedule 13
  • Adjusted diluted earnings per share of $1.37, up by $0.13 or 10.5% versus $1.24 in 2012
    • Excluding unfavorable currency of $0.11, adjusted diluted earnings per share up by $0.24 or 19.4% versus $1.24 in 2012 as detailed in the attached Schedule 12
  • Cigarette shipment volume of 223.2 billion units, down by 4.3%
    • Cigarette shipment volume down by 1.9%, excluding the Philippines
  • Reported net revenues, excluding excise taxes, of $7.8 billion, down by 1.3%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, up by 2.5%
  • Reported operating companies income of $3.2 billion, down by 1.8%
    • Excluding unfavorable currency, reported operating companies income up by 4.7%
  • Adjusted operating companies income of $3.5 billion, up by 6.3%
    • Excluding unfavorable currency, adjusted operating companies income up by 12.7%
  • Reported operating income of $3.2 billion, down by 1.1%
  • Repurchased 17.2 million shares of the company's common stock for $1.5 billion

2014

  • Forecasts 2014 full-year reported diluted earnings per share to be in a range of $5.02 to $5.12, at prevailing exchange rates, versus $5.26 in 2013. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.71 for the full-year 2014, the reported diluted earnings per share range represents a projected increase of 6% to 8% versus adjusted diluted earnings per share of $5.40 in 2013 as detailed in the attached Schedule 16
  • Forecast includes a one-year gross productivity and cost savings target for 2014 of approximately $300 million
  • Forecast includes a share repurchase target for 2014 of $4.0 billion

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

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