This is a great quarter…..just great…
- Reported diluted earnings per share of $0.79 versus $0.80 in 2008, including the items detailed on Schedules 4 and 13
- Excluding currency, reported diluted earnings per share up 22.5%
- Adjusted diluted earnings per share of $0.83 versus $0.87 in 2008, including the items detailed on Schedule 12
- Excluding currency, adjusted diluted earnings per share up 17.2%
- Increases its forecast for 2009 full-year reported diluted earnings per share to a range of $3.10 to $3.20, from $2.85 to $3.00, which includes the Colombian Investment and Cooperation Agreement charge of $0.04 per share. Excluding currency, diluted earnings per share are projected to increase by approximately 10%-13%
- Declared a regular quarterly dividend of $0.54 during the quarter
- Spent a total of $1.4 billion to repurchase 34.7 million shares of its common stock in the quarter
- Announced agreements to purchase the South African affiliate of Swedish Match for ZAR 1.75 billion (approximately $222 million) and the Colombian cigarette manufacturer, Productora Tabacalera de Colombia, Protabaco Ltda. for $452 million
NEW YORK, July 23, 2009 – Philip Morris International Inc. (NYSE / Euronext Paris: PM) today announced diluted earnings per share of $0.79 in the second quarter of 2009, down 1.3% from $0.80 in the second quarter of 2008, including the items detailed on the attached Schedules 4 and 13. Excluding currency, reported diluted earnings per share were up 22.5%. Adjusted diluted earnings per share were $0.83, down 4.6% from 2008 adjusted earnings per share of $0.87, including the items detailed on the attached Schedule 12.
Dividends and Share Repurchase Program
Acquisitions and Agreements
On July 2, 2009, PMI announced it had entered into an agreement to acquire Swedish Match South Africa (Proprietary) Limited (SMSA) for ZAR 1.75 billion (approximately $222 million). The transaction is subject to South African regulatory approval and is expected to be completed by the end of the year. It is anticipated that the acquisition will be immediately marginally accretive to PMI’s earnings per share.
As we have said here before I am using PM as a dollar devaluation play also for reasons stated here. This is a pretty simple investment. We all know the economics of tobacco are unbelievable. We also know that PM has a first class management team. So the only thing really getting in the way of continued long term gains are governments trying to get a piece of the pie. Other than that, it should be pretty clear sailing…
Disclosure (“none” means no position):Lomg PM
One reply on “Phillip Morris International Beats,Raises, Buys Back ….”
If you're interested in moving up the supply chain, you can check out Universal [ UVV ]. It reports its earnings on August 6th.