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.