Philip Morris International Q4 and Full Year Report 2013

PHILIP MORRIS INTERNATIONAL INC. (PMI) REPORTS 2013 RESULTS;
PROVIDES 2014 EARNINGS PER SHARE FORECAST

2013 Fourth-Quarter

• Reported diluted earnings per share of $1.24, down by $0.01 or 0.8% versus $1.25 in 2012

• Adjusted diluted earnings per share of $1.37, up by $0.13 or 10.5% versus $1.24 in 2012

• Cigarette shipment volume of 223.2 billion units, down by 4.3%

• Reported net revenues, excluding excise taxes, of $7.8 billion, down by 1.3%

• Reported operating companies income of $3.2 billion, down by 1.8%

• Adjusted operating companies income of $3.5 billion, up by 6.3%

 

2013 Full-Year

• Reported diluted earnings per share of $5.26, up by $0.09 or 1.7% versus $5.17 in 2012

• Adjusted diluted earnings per share of $5.40, up by $0.18 or 3.4% versus $5.22 in 2012

• Cigarette shipment volume of 880.2 billion units, down by 5.1%

• Reported net revenues, excluding excise taxes, of $31.2 billion, down by 0.5%

• Reported operating companies income of $13.8 billion, down by 2.7%

• Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $14.1 billion, down by 1.1%

• 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

Forecast 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

• 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

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PHILIP MORRIS INTERNATIONAL Q4-2013

 

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