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Philip Morris International Inc. (PMI) Reports 2014 Second-Quarter Results; Reaffirms 2014 Full-Year Reported Diluted EPS Forecast

Regulatory News:

Second-Quarter 2014

  • Reported diluted earnings per share of $1.17, down by $0.13 or 10.0% versus $1.30 in 2013
    • Excluding unfavorable currency of $0.15, reported diluted earnings per share up by $0.02 or 1.5% versus $1.30 in 2013 as detailed in the attached Schedule 13
  • Adjusted diluted earnings per share of $1.41, up by $0.11 or 8.5% versus $1.30 in 2013
    • Excluding unfavorable currency of $0.15, adjusted diluted earnings per share up by $0.26 or 20.0% versus $1.30 in 2013 as detailed in the attached Schedule 12
  • Cigarette shipment volume of 222.8 billion units, down by 2.7%
  • Reported net revenues, excluding excise taxes, of $7.8 billion, down by 1.5%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, up by 4.5%
  • Reported operating companies income of $3.0 billion, down by 13.1%
    • Excluding unfavorable currency, reported operating companies income down by 4.6%
  • Adjusted operating companies income, reflecting the items detailed in the attached Schedule 11, of $3.5 billion, up by 1.1%
    • Excluding unfavorable currency, adjusted operating companies income up by 9.5%
  • Reported operating income of $2.9 billion, down by 13.9%
  • Repurchased 11.6 million shares of the company's common stock for $1.0 billion

Six Months Year-to-Date 2014

  • Reported diluted earnings per share of $2.35, down by $0.23 or 8.9% versus $2.58 in 2013
    • Excluding unfavorable currency of $0.31, reported diluted earnings per share up by $0.08 or 3.1% versus $2.58 in 2013 as detailed in the attached Schedule 17
  • Adjusted diluted earnings per share of $2.60, up by $0.01 or 0.4% versus $2.59 in 2013
    • Excluding unfavorable currency of $0.31, adjusted diluted earnings per share up by $0.32 or 12.4% versus $2.59 in 2013 as detailed in the attached Schedule 16
  • Cigarette shipment volume of 418.8 billion units, down by 3.5%
  • Reported net revenues, excluding excise taxes, of $14.7 billion, down by 5.1%
    • Excluding unfavorable currency, reported net revenues, excluding excise taxes, up by 1.5%
  • Reported operating companies income of $6.0 billion, down by 13.0%
    • Excluding unfavorable currency, reported operating companies income down by 4.2%
  • Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $6.5 billion, down by 5.7%
    • Excluding unfavorable currency, adjusted operating companies income up by 3.2%
  • Reported operating income of $5.8 billion, down by 13.4%
  • Repurchased 27.0 million shares of the company's common stock for $2.25 billion

Full-Year 2014

  • The company reaffirms its 2014 full-year reported diluted earnings per share forecast to be in a range of $4.87 to $4.97 versus $5.26 in 2013, as previously announced on June 26, 2014. On an adjusted basis, as described below, diluted EPS are projected to increase in the range of 6% to 8% versus adjusted diluted EPS of $5.40 in 2013, as detailed in the attached Schedule 20.

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

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