greeksoup/ stock research
Stock research / United States / PM / FY2008

Philip Morris International (PM) FY2008 results: revenue $63.6 billion, up 15.2% on the year

Philip Morris International Inc. (PM) reported revenue of $63.6 billion for fiscal 2008, the year ended 31 December 2008, up 15.2% on the year before. Net income was $6.9 billion, up 14.1%, and diluted earnings per share $3.31. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2010.

Revenue
$63.6 billion
+15.2% on the year
FY2007FY2008
Operating margin
16.1%
16.1% a year earlier
FY2007FY2008
Net income
$6.9 billion
+14.1% on the year
FY2007FY2008
Diluted EPS
$3.31
+15.7% on the year
FY2007FY2008

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ millionFY2008FY2007On the yearLast 8 years
Revenue63,64055,243+15.2%
Cost of revenue9,3288,711+7.1%
Gross profit16,37714,099+16.2%
Gross margin25.7%25.5%
Research and development334n/a
Operating income10,2488,894+15.2%
Operating margin16.1%16.1%
Interest expense528n/a
Pre-tax income9,937n/a
Income tax2,7872,570+8.4%
Effective tax rate28.0%n/a
Net income6,8906,038+14.1%
Net margin10.8%10.9%
Diluted EPS$3.31$2.86+15.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2008FY2007On the yearLast 8 years
Operating cash flow7,9355,550+43.0%
Capital expenditure1,0991,072+2.5%
Free cash flow6,8364,478+52.7%
Free cash flow margin10.7%8.1%
Cash from investing-3,161-2,586
Cash from financing-4,178-3,594
Depreciation and amortisation842748+12.6%
Share-based compensation68.0n/a
Buybacks5,2560.0
Dividends paid2,0600.0
Dividend per share$1.54n/a
Diluted shares, weighted2,076mn/a
Shares outstanding at period end2,007mn/a

Balance sheet

$ millionFY2008FY2007On the yearLast 8 years
Shareholders' equity7,50016,013-53.2%
Non-controlling interest404n/a
Short-term borrowings375n/a
Debt11,586n/a
Other liabilities13,107n/a
Total liabilities and equity32,972n/a
Fixed assets6,348n/a
Goodwill8,015n/a
Intangible assets3,084n/a
Cash and equivalents1,5311,501+2.0%
Receivables2,848n/a
Inventory9,664n/a
Other assets1,482n/a
Total assets32,972n/a

10-K for the year ended 31 December 2008, filed 26 February 2010: the filing.