Summary
Philip Morris International Inc. (PM) filed an 8-K on February 22, 2017, to disclose information presented at the Consumer Analyst Group of New York Conference. The Chief Financial Officer, Jacek Olczak, was scheduled to address investors. While the filing itself does not contain detailed financial results, it incorporates by reference a press release (Exhibit 99.1) which is expected to contain the key highlights of the presentation. Investors should refer to this press release for specific operational and financial updates. The company also provided a definition and rationale for its use of Adjusted Diluted EPS, a non-GAAP measure. PMI defines this as reported diluted EPS adjusted for asset impairment and exit costs, discrete tax items, and unusual items. The company believes this metric enhances comparability and aids in the analysis of business performance and trends, though it should not be used as a substitute for GAAP-reported EPS. For 2016, PMI reported diluted EPS of $4.48, with no impact from asset impairment, exit costs, or discrete tax items on either reported or adjusted diluted EPS.
Key Highlights
- 1PMI hosted a webcast presentation at the Consumer Analyst Group of New York Conference on February 22, 2017.
- 2CFO Jacek Olczak addressed investors during the presentation.
- 3The key information from the presentation is detailed in a press release (Exhibit 99.1) attached to the 8-K filing.
- 4The company provided a definition and justification for its non-GAAP 'Adjusted Diluted EPS' metric.
- 5Adjusted Diluted EPS excludes asset impairment and exit costs, discrete tax items, and unusual items.
- 6PMI reported $4.48 in diluted EPS for 2016 (both GAAP and adjusted).
- 7No material impact on EPS from asset impairment, exit costs, or discrete tax items was reported for 2016.