Summary
Philip Morris International Inc. (PM) filed an 8-K on May 8, 2013, primarily to disclose details about a presentation to be given at their Annual Meeting of Shareholders. The presentation, delivered by key executives Louis C. Camilleri and André Calantzopoulos, was announced via a press release (Exhibit 99.1) which contained key highlights of their address. Investors should note that the company is defining and using 'adjusted diluted EPS' as a non-GAAP measure, which excludes asset impairment and exit costs, discrete tax items, and unusual items. PMI believes this adjusted metric offers a clearer view of core earnings and aids in analyzing business performance and trends, though it should not replace GAAP-reported diluted EPS.
Key Highlights
- 1PMI hosted a live audio webcast of a presentation at its Annual Meeting of Shareholders on May 8, 2013.
- 2The presentation featured addresses from CEO Louis C. Camilleri and COO André Calantzopoulos.
- 3Key highlights of the presentation were announced via a press release, filed as Exhibit 99.1.
- 4PMI is providing a non-GAAP financial measure: 'adjusted diluted EPS'.
- 5Adjusted diluted EPS excludes asset impairment and exit costs, discrete tax items, and unusual items.
- 6The company believes adjusted diluted EPS provides a better representation of core earnings and aids comparability.
- 7Information on PMI's website referenced in the press release is not considered part of the 8-K filing unless expressly stated.