Summary
Philip Morris International Inc. (PMI) filed an 8-K on May 7, 2014, to announce that the company was hosting a live audio webcast of a presentation at its Annual Meeting of Shareholders. Key executives, including Mr. Louis C. Camilleri and Mr. André Calantzopoulos, were scheduled to address shareholders during this event. The company also issued a press release, attached as an exhibit, that detailed the key highlights of the presentation to shareholders. Of particular note for investors, PMI provided a non-GAAP financial measure, 'adjusted diluted EPS,' defined as reported diluted EPS adjusted for asset impairment and exit costs, discrete tax items, and unusual items. PMI stated that this measure is intended to represent core earnings, improve comparability, and aid investors in analyzing business performance and trends. However, the company cautioned that adjusted diluted EPS should not be considered in isolation or as a substitute for U.S. GAAP reported diluted EPS.
Key Highlights
- 1PMI held an Annual Meeting of Shareholders on May 7, 2014, featuring a presentation by key executives.
- 2The presentation was accessible via a live audio webcast.
- 3A press release was issued on May 7, 2014, detailing the key highlights from the shareholder presentation.
- 4The press release is incorporated by reference as Exhibit 99.1 to the 8-K filing.
- 5PMI introduced and defined 'adjusted diluted EPS' as a non-GAAP measure.
- 6Adjusted diluted EPS excludes asset impairment and exit costs, discrete tax items, and unusual items.
- 7The company believes adjusted diluted EPS offers insights into core earnings and aids comparability for investors.