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Philip Morris Director Buys 1,000 Shares (PM)

Philip Morris International Inc. (NYSE: PM) director Sergio Marchionne recently bought 1,000 shares of PM common stock at $89.07 per share, according to a SEC filing.

The purchase came shortly after the tobacco company reported its financial results for the second quarter ended June 30, 2013. For the quarter, the company reported diluted earnings per share of $1.30, down 4.4% on a year-over-year basis. Excluding the impact of currency fluctuations, reported earnings per share for the quarter rose 0.7%. Adjusted earnings for the quarter stood at $1.30 per share, compared to $1.36 per share reported for the same period in the previous year.

The company’s cigarette shipment volume for the quarter was 228.9 billion units, down 3.9% on a year-over-year basis. Reported net revenue for the quarter stood at $7.9 billion, down 2.5% on a year-over-year basis. Reported operating companies income for the quarter stood at $3.4 billion, down 7.3% on a year-over-year basis. Reported operating income fell 7.5% to $3.3 billion.

Andre Calantzopoulos, CEO of Philip Morris, said that as expected, despite strong pricing and a robust share performance, the company’s second-quarter results were primarily impacted by lower industry volume in several key markets, as well as the timing of inventory movements in Japan, higher costs, predominantly in Asia, and stiffer currency headwinds.  Calantzopoulos said that for the second half of the year, the company expects volume/mix to improve, pricing to remain strong and total cost variance, excluding currency, to be flat.

PM shares are lower in trading today. At last check, the stock was down 0.57% to $88.27 on volume of 3.39 million. Year-to-date, PM shares have gained more than 5.30%, underperforming the S&P 500.

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All stories in are for informational purposes only. This is NOT a stock recommendation. This story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at . About is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.