Philip Morris International Inc. (NYSE: PM) Director Sergio Marchionne bought 1,000 shares of PM stock at $87.88 per share.
This is the fifth time in the past twelve months that Marchionne has bought PM shares. Marchionne had purchased the shares at an average price of $76.44 per share on the previous four occasions.
PM shares rose sharply in trading on Friday. The stock touched an intra-day high of $90.99 before finishing the day 1.92% higher at $90.30on above average volume of 6.68 million. PM shares have gained 15.06% so far this year, compared to a gain of 10.21% for the S&P 500.
Philip Morris, which is engaged in the manufacture and sale of cigarettes and other tobacco products in markets outside of the U.S., recently reported its second-quarter financial results.
For the second quarter of 2012, PM reported diluted earnings per share of $1.36, compared to $1.35 per share reported for the same period in the previous year. Cigarette shipment volume dropped 1.2% in the second quarter.
PM reported net revenue of $8.1 billion for the second quarter, down 1.8% over the same period last year. Operating income for the quarter dropped 2.9% to $3.6 billion.
CEO Louis C. Camilleri said that despite the anticipated Japan hurdle and currency headwinds, PM had a solid second quarter which underscored the company’s sustained business momentum. Camilleri said that PM’s broad geographic footprint, world-class brand portfolio and a strong pricing environment remain the cornerstone of the company’s continuing ability to capitalize on growth opportunities around the world, whilst enabling it to weather uncertainty in those markets where economic conditions are still currently weak.