“Our strong EPS and cash flow performance this quarter primarily reflected robust pricing. Our share momentum, particularly in the EU, partially offset weaker industry volumes,” said André Calantzopoulos, Chief Executive Officer.

“While the evolution of the macro-economic environment and tax-paid cigarette industry volume remain a challenge, our business fundamentals are solid and we continue to anticipate a strong final quarter.

"Our confidence in these fundamentals was further reflected in our announcement during the quarter of an increase in our regular quarterly dividend of 10.6%. Since the spin-off, we have increased the dividend every year by an accumulated 104.3% to reach an annualized rate of $3.76 per common share.”

Conference Call

A conference call, hosted by Jacek Olczak, Chief Financial Officer, with members of the investor community and news media, will be webcast at 9:00 a.m., Eastern Time, on October 17, 2013. Access is available at www.pmi.com/webcasts.

Dividends and Share Repurchase Program

During the quarter, PMI declared a regular quarterly dividend of $0.94, representing an annualized rate of $3.76 per common share, and spent $1.5 billion to repurchase 16.7 million shares, as shown in the table below.

Current $18 Billion, Three-Year Program



($ Mio.)

August - December 2012 $ 2,853 32,206
January - March 2013 1,500 16,685
April - June 2013 1,545 16,665
July - September 2013   1,455 16,717
Total Under Program $ 7,353 82,273

Since May 2008, when PMI began its first share repurchase program, the company has spent an aggregate of $32.4 billion to repurchase 539.0 million shares at an average price of $60.02 per share, or 25.6% of the shares outstanding at the time of the spin-off in March 2008.

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