Philip Morris International Inc. (NYSE:PM) announced its 2015 third-quarter results.

“Our strong performance in the first half of the year continued in the third quarter,” said André Calantzopoulos, Chief Executive Officer.

“Organic volume, market share and pricing trends remain very robust against the backdrop of an improved macroeconomic environment, particularly in our EU and EEMA Regions.”

“We continue to progress with the commercialization and clinical assessment of our Reduced-Risk Product, iQOS, and, as previously announced, are accelerating our spending to support additional city launches and national expansions this year and next.”

“Although currency headwinds have again stiffened slightly, our business momentum is such that we are today revising and narrowing our full-year guidance, and increasing the projection of our constant-currency adjusted diluted EPS growth rate range to 11% to 12%.”

2015 Third-Quarter

  • Reported diluted earnings per share of $1.25, down by $0.13 or 9.4% versus $1.38 in 2014
    • Excluding unfavorable currency of $0.37, reported diluted earnings per share up by $0.24 or 17.4% versus $1.38 in 2014 as detailed in the attached Schedule 13
  • Adjusted diluted earnings per share of $1.24, down by $0.15 or 10.8% versus $1.39 in 2014
    • Excluding unfavorable currency of $0.37, adjusted diluted earnings per share up by $0.22 or 15.8% versus $1.39 in 2014 as detailed in the attached Schedule 12
  • Cigarette shipment volume of 218.9 billion units, down by 1.5% excluding acquisitions
  • Reported net revenues, excluding excise taxes, of $6.9 billion, down by 11.8%
    • Excluding unfavorable currency of $1.4 billion, reported net revenues, excluding excise taxes, up by 5.9% as detailed in the attached Schedule 10
  • Reported operating companies income of $3.0 billion, down by 12.3%
    • Excluding unfavorable currency of $735 million, reported operating companies income up by 9.0%
  • Adjusted operating companies income, reflecting the items detailed in the attached Schedule 11, of $3.0 billion, down by 12.1%
    • Excluding unfavorable currency and the impact of acquisitions, adjusted operating companies income up by 9.3%
  • Reported operating income of $3.0 billion, down by 11.5%
  • Increased the regular quarterly dividend by 2.0% to an annualized rate of $4.08 per common share

2015 Nine Months Year-to-Date

  • Reported diluted earnings per share of $3.62, down by $0.11 or 2.9% versus $3.73 in 2014
    • Excluding unfavorable currency of $1.01, reported diluted earnings per share up by $0.90 or 24.1% versus $3.73 in 2014 as detailed in the attached Schedule 17
  • Adjusted diluted earnings per share of $3.61, down by $0.38 or 9.5% versus $3.99 in 2014
    • Excluding unfavorable currency of $1.01, adjusted diluted earnings per share up by $0.63 or 15.8% versus $3.99 in 2014 as detailed in the attached Schedule 16
  • Cigarette shipment volume of 637.5 billion units, down by 0.6% excluding acquisitions
  • Reported net revenues, excluding excise taxes, of $20.4 billion, down by 9.6%
    • Excluding unfavorable currency of $3.6 billion and the impact of acquisitions, reported net revenues, excluding excise taxes, up by 6.4% as detailed in the attached Schedule 14
  • Reported operating companies income of $9.0 billion, down by 5.0%
    • Excluding unfavorable currency of $2.0 billion and the impact of acquisitions, reported operating companies income up by 16.2%
  • Adjusted operating companies income, reflecting the items detailed in the attached Schedule 15, of $9.0 billion, down by 9.8%
    • Excluding unfavorable currency and the impact of acquisitions, adjusted operating companies income up by 10.3%
  • Reported operating income of $8.7 billion, down by 4.9%

2015 Full-Year Forecast

  • PMI revises and narrows, for currency and an improved business outlook, its 2015 full-year reported diluted earnings per share (“EPS”) forecast to be in a range of $4.35 to $4.40, at prevailing exchange rates, versus $4.76 in 2014.
  • On an adjusted basis, diluted EPS are projected to increase in the range of 11% to 12% versus adjusted diluted EPS of $5.02 in 2014, as detailed in the attached Schedule 20, excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $1.22 per share for the full-year 2015
  • This forecast includes incremental spending in 2015 versus 2014 in support of PMI’s Reduced-Risk Product, iQOS, including accelerated spending behind planned national expansions and city launches in 2015 and 2016, and to further reinforce the favorable momentum of PMI’s cigarette brand portfolio
  • This forecast does not include any share repurchases in 2015
  • 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. (Original Source)

Shares of Philip Morris International closed yesterday at $84.48. PM has a 1-year high of $90.25 and a 1-year low of $75.27. The stock’s 50-day moving average is $80.05 and its 200-day moving average is $80.87.