Summary
Philip Morris International (PM) filed an 8-K on November 13, 2012, to announce that its CEO, Louis C. Camilleri, would be presenting at the Morgan Stanley Global Consumer & Retail Conference. The filing includes a press release as Exhibit 99.1, which contains key highlights from the presentation. Investors should note that the company is referencing non-GAAP financial measures, specifically 'adjusted diluted EPS,' which it defines as reported diluted EPS excluding asset impairment and exit costs, discrete tax items, and unusual items. PM uses this measure to represent core earnings and improve comparability, but it should not be viewed in isolation or as a substitute for GAAP-reported EPS.
Key Highlights
- 1Philip Morris International (PM) presented at the Morgan Stanley Global Consumer & Retail Conference on November 13, 2012.
- 2The CEO, Louis C. Camilleri, addressed investors during the presentation.
- 3A press release containing key presentation highlights was issued and attached as Exhibit 99.1.
- 4The company is utilizing and disclosing 'adjusted diluted EPS,' a non-GAAP financial measure.
- 5Adjusted diluted EPS is defined by PM as reported diluted EPS adjusted for asset impairment/exit costs, discrete tax items, and unusual items.
- 6PM believes adjusted diluted EPS enhances the analysis of business performance and trends by representing core earnings and improving comparability.
Frequently Asked Questions
The primary purpose of this 8-K filing was to inform investors that Philip Morris International's CEO would be speaking at the Morgan Stanley Global Consumer & Retail Conference and to provide access to the press release containing key highlights from that presentation.
'Adjusted diluted EPS' is a non-GAAP financial measure used by Philip Morris International. The company defines it as reported diluted EPS excluding asset impairment and exit costs, discrete tax items, and unusual items. PM believes this measure represents core earnings, improves comparability, and helps investors analyze business performance and trends.
Investors should review the press release (Exhibit 99.1) for key business updates and performance insights presented by the CEO. However, they should be mindful that the company is highlighting non-GAAP measures like adjusted diluted EPS, and these should be considered alongside, not as a replacement for, standard GAAP-reported earnings.
No, the filing explicitly states that information on the Company's website referenced in the press release, including the conference presentation, is not considered part of the Form 8-K or incorporated into any SEC filings, unless specifically referenced as such in a future filing.