Summary
Philip Morris International Inc. (PM) filed an 8-K on November 16, 2016, primarily to disclose information shared at the Morgan Stanley Global Consumer & Retail Conference. The Chief Financial Officer, Jacek Olczak, presented, and the company issued a press release highlighting key aspects of the presentation. Investors should note that the company referred to and provided figures for "Adjusted diluted EPS," which is a non-GAAP measure. PMI defines this metric as reported diluted EPS adjusted for asset impairment and exit costs, discrete tax items, and unusual items, emphasizing its use for analyzing core earnings and business performance. The filing also clarifies that this information, including the attached press release, is furnished under Regulation FD and is not considered "filed" for purposes of Section 18 of the Securities Exchange Act, nor will it be automatically incorporated into future SEC filings unless explicitly referenced.
Key Highlights
- 1PMI is hosting a presentation at the Morgan Stanley Global Consumer & Retail Conference on November 16, 2016.
- 2CFO Jacek Olczak is representing the company at the conference.
- 3A press release with presentation highlights is attached as Exhibit 99.1.
- 4The company is using and discussing "Adjusted diluted EPS," a non-GAAP financial measure.
- 5Adjusted diluted EPS is defined as reported diluted EPS adjusted for asset impairment/exit costs, discrete tax items, and unusual items.
- 6PMI believes Adjusted diluted EPS aids in analyzing core earnings, comparability, and business performance.
- 7Information provided is furnished under Regulation FD and not deemed "filed" under Section 18 of the Exchange Act.