Summary
Philip Morris International Inc. (PM) reported strong financial results for the first quarter of 2012, with net revenues of $18.02 billion, an increase of 9.0% year-over-year, and net earnings attributable to PMI of $2.16 billion, up 12.6%. Diluted earnings per share (EPS) rose by 17.9% to $1.25. The company's performance was driven by favorable volume/mix and price increases across its key segments, particularly in Asia and Eastern Europe, Middle East & Africa. Despite a challenging global economic environment and ongoing regulatory pressures in the tobacco industry, PM successfully navigated currency headwinds and increased operating income. The company also continued its robust share repurchase program, demonstrating a commitment to returning value to shareholders. The company revised its full-year 2012 EPS forecast to a range of $5.20 to $5.30, indicating confidence in its continued performance.
Financial Highlights
52 data points| Revenue | $18.02B |
| Cost of Revenue | $2.44B |
| Gross Profit | $5.01B |
| Operating Income | $3.40B |
| Net Income | $2.16B |
| EPS (Basic) | $1.25 |
| EPS (Diluted) | $1.25 |
| Shares Outstanding (Basic) | 1.72B |
| Shares Outstanding (Diluted) | 1.72B |
Key Highlights
- 1Net revenues increased by 9.0% to $18.02 billion, driven by price increases and favorable volume/mix.
- 2Net earnings attributable to PMI rose by 12.6% to $2.16 billion.
- 3Diluted EPS grew by 17.9% to $1.25.
- 4Total cigarette shipment volume increased by 5.4% to 219.1 billion units, with significant growth in Asia and EEMA.
- 5The company repurchased approximately $1.5 billion of its common stock during the quarter.
- 6PMI reiterated its commitment to returning value to shareholders with dividends declared of $0.77 per share for the quarter.
- 7The company revised its full-year 2012 EPS forecast to a range of $5.20 to $5.30.