Summary
Philip Morris International (PM) filed an 8-K on November 19, 2013, primarily to announce that its CEO, André Calantzopoulos, was scheduled to present at the Morgan Stanley Global Consumer & Retail Conference on November 20, 2013. A press release detailing the key highlights of this presentation was issued and attached as an exhibit. Investors should note that the company also provided a non-GAAP measure, 'adjusted diluted EPS,' defining it as reported diluted EPS adjusted for specific items like asset impairment, exit costs, discrete tax items, and unusual items. PM believes this adjusted metric aids in analyzing core earnings, improving comparability, and understanding business performance and trends, though it should not replace GAAP-reported EPS.
Key Highlights
- 1CEO presentation scheduled at Morgan Stanley Global Consumer & Retail Conference on November 20, 2013.
- 2A press release containing key presentation highlights was issued and attached to the 8-K.
- 3Company provided definition and rationale for 'adjusted diluted EPS' as a non-GAAP measure.
- 4Adjusted diluted EPS excludes asset impairment, exit costs, discrete tax items, and unusual items.
- 5PM believes adjusted diluted EPS offers insights into core earnings and comparability.
- 6Information on the company's website referenced in the press release is not incorporated into SEC filings unless explicitly stated.