Summary
Philip Morris International Inc. (PMI) filed an 8-K on November 17, 2015, to announce that its Chief Financial Officer, Jacek Olczak, would be presenting at the Morgan Stanley Global Consumer & Retail Conference on November 18, 2015. The company also issued a press release, attached as an exhibit, detailing key highlights from this presentation. Investors should note that the presentation and any related materials on PMI's website are not incorporated into this filing unless expressly stated otherwise in a future SEC filing. The filing also provides a definition and rationale for the non-U.S. GAAP measure 'adjusted diluted EPS.' PMI uses this metric, which excludes asset impairment and exit costs, discrete tax items, and unusual items, to represent core earnings and facilitate comparability and analysis of business performance. While PMI believes this adjusted metric is useful, investors are reminded that it should not be considered in isolation or as a substitute for reported diluted EPS prepared in accordance with U.S. GAAP.
Key Highlights
- 1PMI CFO Jacek Olczak to present at the Morgan Stanley Global Consumer & Retail Conference on November 18, 2015.
- 2A press release containing key presentation highlights has been issued and is attached as Exhibit 99.1.
- 3The company utilizes 'adjusted diluted EPS' as a non-U.S. GAAP measure to provide insights into core earnings.
- 4Adjusted diluted EPS excludes asset impairment and exit costs, discrete tax items, and unusual items.
- 5PMI states that adjusted diluted EPS improves comparability and aids in analyzing business performance and trends.
- 6Investors are advised that information on PMI's website, including the conference presentation, is not incorporated into this 8-K unless explicitly stated in a future filing.
- 7Adjusted diluted EPS should be analyzed alongside, and not as a replacement for, U.S. GAAP reported diluted EPS.