8-KOther EventsExhibits & Filings

Philip Morris International Inc. 8-K Report, Corporate Update (May 14, 2013)

Filed May 14, 2013For Securities:PM

Summary

Philip Morris International Inc. (PMI) filed an 8-K on May 14, 2013, to announce its participation in the Goldman Sachs Consumer Products Symposium. The key event is a presentation by CFO Jacek Olczak, which is accompanied by a press release containing the principal highlights. Investors should note that the company is using and discussing "Adjusted diluted EPS," a non-GAAP measure. PMI defines this metric as reported diluted EPS adjusted for specific items like asset impairment, exit costs, discrete tax items, and unusual items, stating its belief that this provides a better representation of core earnings and facilitates business performance analysis. However, investors are cautioned that this adjusted metric should not be viewed in isolation or as a replacement for U.S. GAAP reported diluted EPS.

Key Highlights

  • 1PMI participated in the Goldman Sachs Consumer Products Symposium on May 14, 2013.
  • 2CFO Jacek Olczak delivered a presentation to investors.
  • 3A press release was issued containing key highlights from the presentation, attached as an exhibit.
  • 4The company discussed 'Adjusted diluted EPS', a non-GAAP financial measure.
  • 5Adjusted diluted EPS is defined by PMI to exclude asset impairment, exit costs, discrete tax items, and unusual items.
  • 6PMI believes Adjusted diluted EPS enhances comparability and analysis of core earnings.
  • 7Investors are advised to consider Adjusted diluted EPS alongside, and not as a substitute for, U.S. GAAP EPS.

Frequently Asked Questions

The primary purpose of this 8-K filing was to inform investors that Philip Morris International Inc. was participating in the Goldman Sachs Consumer Products Symposium and to provide access to the press release containing key highlights of the CFO's presentation.

Adjusted diluted EPS is a non-GAAP financial measure that PMI uses to present what it considers 'core earnings.' It excludes items such as asset impairment and exit costs, discrete tax items, and unusual items. PMI believes this measure helps investors better analyze business performance and trends by improving comparability.

Investors should be aware that 'Adjusted diluted EPS' is not a U.S. GAAP measure and should not be considered in isolation or as a substitute for reported diluted EPS prepared in accordance with U.S. GAAP. It's important to review both GAAP and non-GAAP measures for a complete understanding.

The key highlights were provided in a press release attached as Exhibit 99.1 to this 8-K filing. Any information referenced on PMI's website related to the symposium is not considered part of this 8-K filing unless expressly stated otherwise in a future SEC filing.