Summary
Philip Morris International Inc. (PM) filed an 8-K on June 23, 2010, announcing key information presented at their two-day investor meeting. The primary focus for investors is the upward revision of the company's 2010 full-year reported diluted earnings per share (EPS) forecast. The new guidance is set at a range of $3.70 to $3.80, representing an anticipated increase of 14% to 17% compared to the $3.24 reported in 2009. This represents an upgrade from the previous forecast of 10% to 13% provided in April 2010.
Key Highlights
- 1PMI revised its 2010 full-year EPS forecast upward to $3.70-$3.80.
- 2This new EPS forecast represents an expected growth of 14%-17% over 2009's reported EPS of $3.24.
- 3The increased EPS projection is attributed to an improved business outlook, particularly in Japan.
- 4A positive impact from the reversal of certain tax provisions also contributed to the raised forecast.
- 5Adverse currency fluctuations are expected to negatively impact EPS by approximately $0.20.
- 6The guidance excludes potential impacts from future acquisitions, asset impairments, exit cost charges, and unusual events.
- 7The information was disclosed in connection with the Company's 2010 Investor Day meeting.