Philip Morris International Q3 EPS flat versus 2015
Staff Writer |
Philip Morris International reported that its net earnings attributable to the company for the third-quarter declined 0.2 percent to $1.938 billion from $1.942 billion in the same quarter last year.
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Reported earnings per share of $1.25, flat versus 2015. Excluding unfavorable currency of $0.04, reported earnings per share up by $0.04 or 3.2% versus $1.25 in 2015.
The company reaffirmed its 2016 full-year reported earnings per share forecast to be in a range of $4.53 to $4.58, versus $4.42 in 2015.
Excluding an unfavorable currency impact, at prevailing exchange rates, of about $0.35 for the full-year 2016, the earnings per share range represents a projected increase of about 10.5% to 11.5% versus adjusted earnings per share of $4.42 in 2015. Analysts expect annual earnings of $4.51 per share.
Adjusted earnings per share for the third-quarter was $1.25, up by $0.01 or 0.8% versus $1.24 in 2015. Excluding unfavorable currency of $0.04, adjusted earnings per share up by $0.05 or 4.0% versus $1.24 in 2015.
In the quarter, operating companies income of $3.1 billion was up by 1.2%. Excluding unfavorable currency of $94 million, operating companies income increased by 4.3%, mainly resulting from a favorable pricing variance driven by all Regions, partly offset by: unfavorable volume/mix of $209 million, primarily in EEMA, mainly North Africa and Russia; and higher costs, mainly in support of PMI's Reduced-Risk Products.
Cigarette shipment volume for the quarter was 207.1 billion units, declined by 5.4% from the prior year, due to EEMA, principally North Africa and Russia, partly offset by Ukraine; Asia, principally Indonesia, Pakistan, the Philippines and Thailand; and Latin America & Canada, predominantly Argentina, Brazil and Ecuador; partly offset by the EU, notably France and the United Kingdom, partly offset by Greece and Italy.
Reported net revenues for the quarter was $19.9 billion, up 2.6% from the prior year.
Quarterly net revenues, excluding excise taxes, was $6.98 billion increased by 0.8%. Wall Street expected revenues of $6.97 billion for the quarter.
Excluding unfavorable currency of $196 million, net revenues, excluding excise taxes, increased by 3.6%, driven by a favorable pricing variance of $440 million from across all Regions, principally EEMA, mainly Russia and Turkey.
The favorable pricing variance was partly offset by unfavorable volume/mix of $189 million across all Regions, principally EEMA, mainly Algeria and Russia. ■