NEW YORK - Philip Morris International Inc. (NYSE: PM) today announces its 2019 fourth-quarter and full-year results. Comparisons presented in this press release on a 'like-for-like' basis reflect pro forma 2018 results, which have been adjusted for the deconsolidation of PMI's Canadian subsidiary, Rothmans, Benson & Hedges, Inc. (RBH), effective March 22, 2019 (the date of deconsolidation). In addition, reflecting the deconsolidation, PMI's total market share has been restated for previous periods.

2019 FULL-YEAR & FOURTH-QUARTER HIGHLIGHTS

2019 Full-Year

Reported diluted EPS of $4.61, down by 9.3%; down by 6.7%, excluding currency

Adjusted diluted EPS of $5.19, up by 1.8%; up by 9.9% on a like-for-like basis, excluding unfavorable currency of $0.13 per share

Cigarette and heated tobacco unit shipment volume down by 2.0%, reflecting cigarette shipment volume down by 4.5% and heated tobacco unit shipment volume up by 44.2% (to 59.7 billion units); down by 1.4% on a like-for-like basis

Market share of heated tobacco units in IQOS markets, excluding the U.S., up by 1.4 points to 5.0%

Net revenues up by 0.6%; up by 6.4% on a like-for-like basis, excluding currency

Operating income down by 7.4%; down by 4.9%, excluding currency

Adjusted operating income up by 11.2% on a like-for-like basis, excluding currency

Adjusted operating income margin up by 1.7 points to 39.2% on a like-for-like basis, excluding currency

Regular quarterly dividend increase of 2.6% to an annualized rate of $4.68 per common share

Total IQOS users at year-end estimated at 13.6 million, of which 9.7 million have stopped smoking and switched to IQOS

IQOS introduced for sale in the U.S. following its marketing order authorization by the U.S. Food and Drug Administration

New IQOS 3 DUO device introduced in IQOS markets globally, excluding the U.S.

2019 Fourth-Quarter

Reported diluted EPS of $1.04, down by 15.4%; also down by 15.4%, excluding currency

Adjusted diluted EPS of $1.22, down by 2.4%; up by 4.3% on a like-for-like basis, excluding currency

Cigarette and heated tobacco unit shipment volume down by 5.0%, reflecting cigarette shipment volume down by 8.0% and heated tobacco unit shipment volume up by 40.7% (to 17.1 billion units); down by 4.4% on a like-for-like basis

Market share of heated tobacco units in IQOS markets, excluding the U.S., up by 1.7 points to 5.5%

Asset impairment and exit costs of approximately $0.20 per share, principally related to a plant closure in Germany as part of global manufacturing infrastructure optimization

Net revenues up by 2.9%; up by 6.3% on a like-for-like basis, excluding currency

Operating income down by 7.3%; down by 8.3%, excluding currency

Adjusted operating income up by 11.9% on a like-for-like basis, excluding currency

Adjusted operating income margin up by 1.8 points to 36.7% on a like-for-like basis, excluding currency

'2019 marked a year of strong underlying business performance for PMI, driven by broad-based growth for IQOS and solid pricing for our combustible tobacco portfolio, with like-for-like adjusted diluted EPS up by 9.9%, excluding currency,' said Andre Calantzopoulos, Chief Executive Officer.

'We continue to make significant progress in the transformation of our business, with smoke-free products now accounting for 8% of shipment volume and nearly one-fifth of net revenues, while further demonstrating our ability to maintain combustible tobacco leadership internationally, as evidenced by Marlboro's full-year cigarette share of 10% -- an all-time high.'

'Although we anticipate a few temporary headwinds, notably in Indonesia, we enter 2020 with favorable momentum, and expect to deliver like-for-like currency-neutral net revenue and adjusted diluted EPS growth this year consistent with our 2019 to 2021 compound annual growth targets of at least 5% and 8%, as well as further margin expansion.'

2020 FULL-YEAR FORECAST: See full release at:

https://www.pmi.com/media-center/press-releases/press-release-details/?newsId=21846

(C) 2020 Electronic News Publishing, source ENP Newswire