Philip Morris Int'l (PM) Misses Q4 EPS by 3c, Sales Beat

Philip Morris Int'l (NYSE: PM) reported Q4 EPS of $1.03, $0.03 worse than the analyst estimate of $1.06. Revenue for the quarter came in at $7.2 billion versus the consensus estimate of $7.12 billion.

Forecasts 2015 full-year reported diluted earnings per share to be in a range of $4.27 to $4.37, at prevailing exchange rates, versus $4.76 in 2014. (consensus is $4.68). Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $1.15 for the full-year 2015, the reported diluted earnings per share range represents a projected increase of 8% to 10% versus adjusted diluted earnings per share of $5.02 in 2014.

“We delivered a solid currency-neutral performance in 2014, reflecting robust pricing, strong market share gains, notably in the EU Region, and very substantial progress in addressing the specific market challenges that we outlined at the beginning of the year. We successfully executed on our key strategic initiatives, including the pilot launches of our Reduced-Risk Product, iQOS, the roll-out of the Marlboro 2.0 Architecture and the optimization of our manufacturing footprint," said André Calantzopoulos, Chief Executive Officer.

“Despite a historically high adverse currency headwind, we enter 2015 with strong business momentum that underpins our target annual growth rates, excluding currency and acquisitions, of 4% to 6% for net revenues, 6% to 8% for adjusted operating companies income and 8% to 10% for adjusted diluted earnings per share."

"We remain steadfast in our aim to return around 100% of our free cash flow to our shareholders. However, given the recent extreme currency volatility, we are focused on managing our cash flow prudently and on maintaining our financial flexibility for business development opportunities. Consequently, our full-year guidance does not currently envisage any share repurchases in 2015, although we will revisit the potential for such purchases as the year unfolds depending on the currency environment.”

For earnings history and earnings-related data on Philip Morris Int'l (PM) click here.

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