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.