Phillip Morris International Buyback: "Substantially Ahead"

Phillip Morris International (NYSE:PM) presented today at a Morgan Stanely (NYSE:MS) conference.

-- As indicated in conjunction with the announcement of its third-quarter results, PMI expects to meet the low end of its forecast for 2008 adjusted full-year diluted earnings per share of $3.32 to $3.38 from a 2007 pro-forma adjusted base of $2.79, representing growth of approximately 19% to 21%. Continued volatility in the currency markets, however, could cause the company to either fall short of, or exceed, the low end of the range by $0.01 to $0.02;

-- The company is significantly ahead of schedule regarding its $13 billion, two-year share repurchase program and repurchases in the fourth quarter 2008 will be low;

-- The company's robust year-to-date September financial results; and

-- Solid business momentum, exciting growth prospects and strong cash flow place PMI in a strong position to weather the current economic turmoil.

20% growth, a 5.7 dividend yield.......what is not to like?