Philip Morris (PM)

Full-year reported diluted earnings per share of $3.24 versus $3.31 in 2008. Fourth-quarter reported diluted earnings per share of $0.80 versus $0.71 in 2008. Forecasts 2010 full-year reported diluted earnings per share to be in a range of $3.75 to $3.85. Announced a new share repurchase program of $12 billion over 3 years to commence in May 2010. Net revenues of $25.0 billion were down by 2.6% for the full-year 2009, due to unfavorable currency of $2.6 billion. Excluding currency, net revenues increased by 7.5% for the full year, driven by favorable pricing of $2.0 billion across all business segments,
This report was a home run. Although sales were relatively flat for the year, earnings were up. Plus, the forecast for 2010 is impressive. And the stock repurchase program shows the company has a lot of confidence.

Feb 11 · 2:13:00 PM · Source: Company Press Release
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by Rich Pike