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PRESS RELEASE | ![]() | |||
Investor Relations: | Media: | |||
New York: +1 (917) 663 2233 | Lausanne: +41 (0)58 242 4500 | |||
Lausanne: +41 (0)58 242 4666 | Email: Iro.Antoniadou@pmi.com | |||
Email: InvestorRelations@pmi.com |
• | Reported and adjusted diluted earnings per share of $1.44, up by $0.17 or 13.4% versus $1.27 in 2017 |
• | Excluding unfavorable currency of $0.09, adjusted diluted earnings per share up by $0.26 or 20.5% versus $1.27 in 2017 as detailed in the attached Schedule 2 |
• | Cigarette and heated tobacco unit shipment volume of 203.7 billion, down by 2.1%, or up by 1.1% excluding the net impact of total estimated distributor inventory movements, reflecting: |
• | Cigarette shipment volume of 195.1 billion units, down by 3.4 billion units or 1.7% |
• | Heated tobacco unit shipment volume of 8.7 billion units, down by 1.1 billion units or 11.0% |
• | Net revenues of $7.5 billion, up by 0.4% |
• | Excluding unfavorable currency of $213 million, net revenues up by 3.3% as detailed in the attached |
• | Operating income of $3.2 billion, up by 2.2% |
• | Excluding unfavorable currency of $167 million, operating income up by 7.6% as detailed in the attached Schedule 5 |
• | Adjusted operating income, reflecting the items detailed in the attached Schedule 6, of $3.2 billion, up by 2.2% |
• | Excluding unfavorable currency of $167 million, adjusted operating income up by 7.6% as detailed in the attached Schedule 6 |
• | Reported diluted earnings per share of $3.85, up by $0.42 or 12.2% versus $3.43 in 2017 |
• | Adjusted diluted earnings per share of $3.85, up by $0.46 or 13.6% versus $3.39 in 2017 |
• | Excluding unfavorable currency of $0.02, adjusted diluted earnings per share up by $0.48 or 14.2% versus $3.39 in 2017 as detailed in the attached Schedule 2 |
• | Cigarette and heated tobacco unit shipment volume of 579.3 billion, down by 1.2%, or up by 0.3% excluding the net impact of total estimated distributor inventory movements, reflecting: |
• | Cigarette shipment volume of 550.1 billion units, down by 15.5 billion units or 2.7% |
• | Heated tobacco unit shipment volume of 29.2 billion units, up by 8.7 billion units or 42.4% |
• | Net revenues of $22.1 billion, up by 8.2% |
• | Excluding favorable currency of $351 million, net revenues up by 6.5% as detailed in the attached |
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Philip Morris International Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Our ability to grow profitability may be limited by our inability to introduce new products, enter new markets or improve our margins through higher pricing and improvements in our brand and geographic mix.
Our reported results could be adversely affected by unfavorable currency exchange rates, and currency devaluations could impair our competitiveness.
Operating income, excluding favorable currency, increased by 3.0%, mainly due to: a favorable pricing variance favorable volumemix, notably in Bulgaria, the Czech Republic and Poland, driven by heated tobacco unit volume, partly offset by France and Germany partly offset by higher manufacturing costs and marketing, administration and research costs, primarily related to investments behind reduced-risk products.
Our profit growth may suffer if we are unable to introduce new products or enter new markets successfully, to raise prices or to improve the proportion of our sales of higher margin products and in higher margin geographies.
For the three months ended September 30, 2018, net revenues, excluding favorable currency, increased by 10.6%, reflecting: a favorable pricing variance, driven principally by Germany and Italy, partly offset by France and favorable volumemix, primarily reflecting favorable volume across the Region, driven by heated tobacco unit volume, partly offset by France.
lower manufacturing costs, partially offset...Read more
lower manufacturing costs, partially offset...Read more
For the nine months ended...Read more
In addition, such developments could...Read more
The favorable pricing variance was...Read more
Operating income, excluding favorable currency,...Read more
The increase in our heated...Read more
Our operating income could be...Read more
Excluding the net impact of...Read more
Excluding the net impact of...Read more
Mexico, up by 15.0%, reflecting...Read more
lower manufacturing costs and favorable...Read more
Excluding the impact of estimated...Read more
Germany, up by 2.8%, primarily...Read more
Japan, up by 10.1%, primarily...Read more
This unfavorable currency movement has...Read more
This unfavorable currency movement has...Read more
the GCC, notably: Saudi Arabia,...Read more
For the nine months ended...Read more
Acquisition and strategic business development...Read more
South & Southeast Asia: Favorable...Read more
Latin America & Canada: Favorable...Read more
Eastern Europe: Favorable pricing, partially...Read more
Taiwan, up by +100%, primarily...Read more
The favorable pricing variance was...Read more
We expect a limited favorable...Read more
manufacturing costs were partly offset...Read more
For the nine months ended...Read more
European Union: Favorable pricing and...Read more
European Union: Favorable volumemix and...Read more
Middle East & Africa: Favorable...Read more
Operating income, excluding unfavorable currency,...Read more
For the three months ended...Read more
Excluding the impact of estimated...Read more
The competitive environment and our...Read more
PMI Duty Free, up by...Read more
However, the KFDA stated that...Read more
Operating income, excluding unfavorable currency,...Read more
Excluding the net unfavorable impact...Read more
Certain countries in which we...Read more
Interest expense, net, of $540...Read more
Interest expense, net, of $145...Read more
PMI Duty Free, up by...Read more
Excluding the net unfavorable impact...Read more
Excluding the net unfavorable impact...Read more
In the third quarter, our...Read more
For the nine months year-to-date,...Read more
The effective date for other...Read more
During the second quarter of...Read more
Middle East & Africa, reflecting...Read more
During the first nine months...Read more
Excluding the net unfavorable impact...Read more
East Asia & Australia, reflecting:...Read more
The effective tax rate for...Read more
Increases in cigarette taxes are...Read more
In the third quarter, our...Read more
Our operating cash flows were...Read more
Contingencies for additional information, partially...Read more
be able to protect or...Read more
The FCTC has led to...Read more
North Africa, notably: Algeria, down...Read more
Fortune in the Philippines, reflecting...Read more
Fortune in the Philippines, reflecting...Read more
Eastern Europe: Favorable pricing and...Read more
South & Southeast Asia: Favorable...Read more
Latin America & Canada: Favorable...Read more
Heated tobacco unit shipments of...Read more
In the third quarter, our...Read more
For the nine months year-to-date,...Read more
The dissemination of scientifically unsubstantiated...Read more
Our cigarette shipment volume of...Read more
Our cigarette shipment volume of...Read more
Forecasted Results - On October...Read more
To provide a greater focus...Read more
Significant growth of PMIs in-market...Read more
A total cigarette and heated...Read more
For the three months ended...Read more
The unfavorable currency in net...Read more
Our effective tax rate decreased...Read more
Our effective tax rate decreased...Read more
Interest The favorable impact of...Read more
Interest The favorable impact of...Read more
In the third quarter, our...Read more
Indonesia, up by 1.4%, reflecting...Read more
It is possible that our...Read more
The change was due primarily...Read more
South & Southeast Asia, reflecting...Read more
South & South East Asia,...Read more
Certain states within the U.S....Read more
CostOther also includes the currency-neutral...Read more
CostOther also includes the currency-neutral...Read more
CostOther also includes the currency-neutral...Read more
CostOther also includes the currency-neutral...Read more
The favorable currency in net...Read more
Egypt, down by 16.6%, reflecting...Read more
Argentina, down by 5.1%, reflecting...Read more
The agreements also provide for...Read more
We face intense competition, and...Read more
The Tax Cuts and Jobs...Read more
Management also believes that disclosing...Read more
Segment Reporting, effective January 1,...Read more
During periods of local economic...Read more
It is not possible to...Read more
Guarantees At September 30, 2018,...Read more
Government mandated prices, production control...Read more
Economic, political, regulatory or other...Read more
In such instances, in addition...Read more
There is no assurance that...Read more
As discussed in the EU...Read more
For the three months ended...Read more
the GCC, notably: Saudi Arabia,...Read more
In October 2018, the first...Read more
For the nine months ended...Read more
In November 2010, a WTO...Read more
An estimated strong combustible product...Read more
The tobacco industry and our...Read more
Since then, we have continuously...Read more
Our inability to secure an...Read more
Middle East & Africa, reflecting...Read more
This decline is due to...Read more
East Asia & Australia, reflecting:...Read more
Litigation related to tobacco use...Read more
Following this accounting change and...Read more
These tax increases may disproportionately...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
CostOther in the above table...Read more
the EU, reflecting higher heated...Read more
Poland, up by 6.5%, partly...Read more
Net Revenues - Net revenues...Read more
Net Revenues - Net revenues...Read more
For the nine months ended...Read more
Our ability to receive payments...Read more
Saudi Arabia and the UAE,...Read more
We cannot predict the outcome...Read more
Excluding favorable currency movements of...Read more
Our RRP Business Development Initiatives:...Read more
In October 2018, the CoP...Read more
Governmental actions, combined with the...Read more
Currency-neutral net revenue growth of...Read more
We may be required to...Read more
We compete primarily on the...Read more
Although we work closely with...Read more
This 2018 forecast excludes the...Read more
Italy, down by 4.1%, or...Read more
Our RRP Platforms: Our product...Read more
An effective tax rate of...Read more
Currency The unfavorable currency impact...Read more
Currency The unfavorable currency impact...Read more
For smokers who would otherwise...Read more
Kazakhstan, down by 9.2%, mainly...Read more
We recognize revenue when control...Read more
Nevertheless, failure of our systems...Read more
This could subject us to...Read more
Following a rise in e-cigarette...Read more
In November 2012, the FCTC...Read more
Thailand, up by 85.7%, mainly...Read more
From time to time, PMIs...Read more
Indonesia, down by 0.5%, primarily...Read more
Operating income, excluding favorable currency,...Read more
Our ability to access the...Read more
The WTO panel decision, which...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Philip Morris International Inc. provided additional information to their SEC Filing as exhibits
Ticker: PM
CIK: 1413329
Form Type: 10-Q Quarterly Report
Accession Number: 0001413329-18-000053
Submitted to the SEC: Thu Oct 25 2018 7:12:24 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Cigarettes