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Philip Morris 2014 Results And 2015 Outlook

Philip Morris (PM) released its 4th quarter and full year earnings results this morning. The company has been very successful since its split with Altria (MO) in 2008. In 2008, Philip Morris had earnings-per-share of $3.32. In fiscal 2013 the company had earnings-per-share of $5.26. From 2008 through 2013, Philip Morris has compounded earnings-per-share at 9.6% a year; not bad for a business in a declining industry. Did Philip Morris continue its run of 9%+ earnings-per-share growth in full fiscal 2014? The results are analyzed below.

2014 Results - Executive Summary

Philip Morris reported earnings per share of $4.76 for full fiscal 2014. The company's earnings fell 9.5% versus 2013. Unfavorable currency fluctuations were responsible for the poor performance. Currency changes reduced earnings-per-share by $0.80 in 2014. Excluding losses due to currencies, Philip Morris generated earnings-per-share of $5.56 which is an increase of 5.7% over 2013 earnings-per-share.

While not spectacular,… Read More …