Now this is an earnings release.....
- Diluted earnings per share of $0.89, up 29.0% from $0.69, including the items detailed on Schedule 4
- Adjusted diluted earnings per share of $0.89, up 30.9% from the 2007 pro-forma adjusted earnings per share of $0.68, including the items detailed on Schedule 5
- PMI increases its forecast for 2008 full-year diluted earnings per share, projecting growth of approximately 14% to 16% to a range of $3.18 to $3.24, from a revised 2007 pro-forma adjusted base of $2.79
- PMI’s new guidance reflects favorable currency, business momentum and increased reinvestment in some key markets
- PMI to acquire Interval and other trademarks in the Other Tobacco Products (NYSE:OTP) category from Imperial Tobacco Group PLC for 254 million euros
"Our robust first quarter results are a terrific start out of the gate,” said Louis Camilleri, Chairman and Chief Executive Officer.
Importantly, we continue to witness an improvement in our business fundamentals as evidenced by the double-digit revenue and income growth recorded in each of our geographic segments.
PMI reaffirms its previously announced intention to pay a dividend at the initial rate of $0.46 per share per quarter, or $1.84 per common share on an annualized basis. PMI has established a dividend policy that anticipates a payout ratio of approximately 65%.
As previously announced, the $13.0 billion two-year share repurchase program for PMI is expected to begin in early May (12.3% of outstanding market cap).
This is what investors who held shares in the spin expected. Mid double digit EPS growth, a massive share repurchase and growth in markets.
This will be a great holding for a very long time...
Disclosure: Long PM,MO