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TheStreet Open House

Philip Morris International Inc. (PMI) Reports 2014 First-Quarter Results; Revises 2014 Full-Year Reported Diluted EPS Forecast For Currency And Restructuring Charges In Australia

Regulatory News:

  • Reported diluted earnings per share of $1.18, down by $0.10 or 7.8% versus $1.28 in 2013
    • Excluding unfavorable currency of $0.16, reported diluted earnings per share up by $0.06 or 4.7% versus $1.28 in 2013 as detailed in the attached Schedule 9
  • Adjusted diluted earnings per share of $1.19, down by $0.10 or 7.8% versus $1.29 in 2013
    • Excluding unfavorable currency of $0.16, adjusted diluted earnings per share up by $0.06 or 4.7% versus $1.29 in 2013 as detailed in the attached Schedule 8
  • Cigarette shipment volume of 196.0 billion units, down by 4.4%
  • Reported net revenues, excluding excise taxes, of $6.9 billion, down by 8.8%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, down by 1.6%
  • Reported operating companies income of $3.0 billion, down by 12.9%
    • Excluding unfavorable currency, reported operating companies income down by 3.7%
  • Adjusted operating companies income of $3.0 billion, down by 12.3%
    • Excluding unfavorable currency, adjusted operating companies income down by 3.1%
  • Reported operating income of $3.0 billion, down by 13.0%
  • Repurchased 15.4 million shares of the company's common stock for $1.25 billion
  • PMI revises its 2014 full-year reported diluted earnings per share forecast to be in a range of $5.09 to $5.19, versus $5.26 in 2013. This forecast includes:
    • unfavorable currency of approximately $0.61 per share, at prevailing exchange rates, versus unfavorable currency of approximately $0.71 per share in its prior guidance; and
    • an estimated restructuring charge of $0.03 per share related to the closure of its manufacturing operations in Australia by the end of 2014, of which $0.01 per share charge was recorded as asset impairment and exit costs in the first quarter of 2014
    • Excluding the unfavorable currency impact, at prevailing exchange rates, of approximately $0.61 for the full-year 2014, and the $0.03 per share restructuring charge, reported diluted earnings per share are projected to increase by approximately 6% to 8% versus adjusted diluted earnings per share of $5.40 in 2013, as detailed in the attached Schedule 12

Philip Morris International Inc. (NYSE / Euronext Paris: PM) today announced its 2014 first-quarter results.

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