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Finanzas: Philip Morris International Inc. Reports 2016 Third-Quarter Results

Finanzas: Philip Morris International Inc. Reports 2016 Third-Quarter Results

Octubre 19, 2016

👤Periodista: Dayana Vazquez 🕔19.Oct 2016

 

2016 Third-Quarter

Reported diluted earnings per share of $1.25, flat versus 2015

Excluding unfavorable currency of $0.04, reported diluted earnings per share up by $0.04 or 3.2% versus $1.25 in 2015 as detailed in the attached Schedule 13

Adjusted diluted earnings per share of $1.25, up by $0.01 or 0.8% versus $1.24 in 2015

Excluding unfavorable currency of $0.04, adjusted diluted earnings per share up by $0.05 or 4.0% versus $1.24 in 2015 as detailed in the attached Schedule 12

Cigarette shipment volume of 207.1 billion units, down by 5.4%

Reported net revenues of $19.9 billion, up by 2.6%

Net revenues, excluding excise taxes, of $7.0 billion, up by 0.8%

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Excluding unfavorable currency of $196 million, net revenues, excluding excise taxes, up by 3.6% as detailed in the attached Schedule 10

Reported operating income of $3.0 billion, up by 0.6%

Operating companies income of $3.1 billion, up by 1.2%

Excluding unfavorable currency of $94 million, operating companies income up by 4.3% as detailed in the attached Schedule 10

Adjusted operating companies income, reflecting the items detailed in the attached Schedule 11, of $3.1 billion, up by 1.2%

Excluding unfavorable currency of $94 million, adjusted operating companies income up by 4.3% as detailed in the attached Schedule 11

Increased the regular quarterly dividend by 2.0% to an annualized rate of $4.16 per common share
2016 Nine Months Year-to-Date

Reported diluted earnings per share of $3.38, down by $0.24 or 6.6% versus $3.62 in 2015

Excluding unfavorable currency of $0.32, reported diluted earnings per share up by $0.08 or 2.2% versus $3.62 in 2015 as detailed in the attached Schedule 17

Adjusted diluted earnings per share of $3.38, down by $0.23 or 6.4% versus $3.61 in 2015

Excluding unfavorable currency of $0.32, adjusted diluted earnings per share up by $0.09 or 2.5% versus $3.61 in 2015 as detailed in the attached Schedule 16

Cigarette shipment volume of 612.4 billion units, down by 3.9%

Reported net revenues of $55.8 billion, up by 0.4%

Net revenues, excluding excise taxes, of $19.7 billion, down by 3.4%

Excluding unfavorable currency of $1.2 billion, net revenues, excluding excise taxes, up by 2.5% as detailed in the attached Schedule 14

Reported operating income of $8.2 billion, down by 6.0%

Operating companies income of $8.5 billion, down by 5.8%

Excluding unfavorable currency of $675 million, operating companies income up by 1.8% as detailed in the attached Schedule 14

Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $8.5 billion, down by 5.8%

Excluding unfavorable currency of $675 million, adjusted operating companies income up by 1.8% as detailed in the attached Schedule 15

2016 Full-Year Forecast

PMI reaffirms its 2016 full-year reported diluted earnings per share forecast to be in a range of $4.53 to $4.58, as previously announced on September 29, 2016, versus $4.42 in 2015. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.35 for the full-year 2016, the diluted earnings per share range represents a projected increase of approximately 10.5% to 11.5% versus adjusted diluted earnings per share of $4.42 in 2015 as detailed in the attached Schedule 20

This forecast does not include any share repurchases in 2016
This forecast excludes the impact of any future acquisitions, unanticipated asset impairment and exit cost charges, future changes in currency exchange rates, and any unusual events. Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections

Philip Morris International Inc. (PM) (NYSE / Euronext Paris: PM) today announced its 2016 third-quarter results.

“Our adjusted diluted EPS in the quarter increased by 4.0%, excluding currency, in line with our expectations,” said André Calantzopoulos, Chief Executive Officer.

“We are confident that we will achieve our full-year reported diluted EPS forecast. We continue to anticipate annual volume in line with the September year-to-date decline of 3.9%, despite temporary volume weakness this quarter.”

“We are particularly encouraged by the strong performance of iQOS across all of its launch geographies, particularly in Japan where HeatSticks recorded a quarterly share of 3.5%.”

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 18, 2016. Access is at www.pmi.com/webcasts. The audio webcast may also be accessed on iOS or Android devices by downloading PMI’s free Investor Relations Mobile Application at www.pmi.com/irapp.

Dividends and Share Repurchases

During the quarter, PMI increased its regular quarterly dividend by 2.0% from $1.02 to $1.04, representing an annualized rate of $4.16 per common share. Since its spin-off in March 2008, PMI has increased its regular quarterly dividend by 126.1% from the initial annualized rate of $1.84 per common share. PMI did not make any share repurchases in the first nine months of 2016.

2016 THIRD-QUARTER CONSOLIDATED RESULTS

In this press release, “PMI” refers to Philip Morris International Inc. and its subsidiaries. References to total international cigarette market, defined as worldwide cigarette volume excluding the United States, total cigarette market, total market and market shares are PMI tax-paid estimates based on the latest available data from a number of internal and external sources and may, in defined instances, exclude the People’s Republic of China and/or PMI’s duty free business. National market share for HeatSticks in Japan is defined as the total sales volume for HeatSticks as a percentage of the total estimated sales volume for cigarettes and HeatSticks. “North Africa” is defined as Algeria, Egypt, Libya, Morocco and Tunisia. “OTP” is defined as other tobacco products. “EEMA” is defined as Eastern Europe, Middle East and Africa and includes PMI’s international duty free business. In the fourth quarter of 2015, to further align with the Member State composition of the European Union, PMI transferred the management of its operations in Bulgaria, Croatia, Romania and Slovenia from its EEMA segment to its European Union segment, resulting in the reclassification of current and prior year amounts between the two segments. The reclassification was not material to the respective segments’ results. Operating companies income, or “OCI,” is defined as operating income, excluding general corporate expenses and the amortization of intangibles, plus equity (income)/loss in unconsolidated subsidiaries, net. PMI’s management evaluates business segment performance and allocates resources based on OCI. “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, excluding asset impairment and exit costs, discrete tax items and unusual items. Management also reviews OCI, OCI margins and earnings per share, or “EPS,” on an adjusted basis (which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, discrete tax items and unusual items), as well as free cash flow, defined as net cash provided by operating activities less capital expenditures, and net debt. PMI believes it is appropriate to disclose these measures as they improve comparability and help investors analyze business performance and trends. Non-GAAP measures used in this release should be neither considered in isolation nor as a substitute for the financial measures prepared in accordance with U.S. GAAP. Comparisons are to the same prior-year period unless otherwise stated. For a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, see the relevant schedules provided with this press release. “Reduced-Risk Products” (“RRPs”) is the term the company uses to refer to products with the potential to reduce individual risk and population harm in comparison to smoking cigarettes. PMI’s RRPs are in various stages of development and commercialization, and we are conducting extensive and rigorous scientific studies to determine whether we can support claims for such products of reduced exposure to harmful and potentially harmful constituents in smoke, and ultimately claims of reduced disease risk, when compared to smoking cigarettes. Before making any such claims, we will rigorously evaluate the full set of data from the relevant scientific studies to determine whether they substantiate reduced exposure or risk. Any such claims may also be subject to government review and authorization, as is the case in the United States today. Trademarks and service marks in this press release that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized.

In the quarter, net revenues, excluding excise taxes, of $7.0 billion increased by 0.8%. 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.

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.

Adjusted operating companies income and margin are shown in the table below and detailed in Schedule 11. Adjusted operating companies income, excluding unfavorable currency, increased by 4.3%. Adjusted operating companies income margin, excluding currency, increased by 0.2 points to 44.0%, reflecting the factors mentioned above.

For more information: Seeking Alpha

Fuente: Seeking Alpha

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