Summary
Philip Morris International Inc. (PMI) filed an 8-K on September 27, 2018, to disclose information presented at their 2018 Investor Day. The primary purpose of this filing was to provide investors with key highlights from the presentations and a press release attached as Exhibit 99.1. This event offered PMI an opportunity to communicate its strategic direction, performance insights, and future outlook to the investment community. While the filing itself does not contain new financial results, it references a press release with important details. Notably, the company provided guidance on its definition and use of 'adjusted diluted EPS,' a non-GAAP measure that excludes asset impairment and exit costs, tax items, and unusual items. PMI emphasizes that this metric is used to represent core earnings and enhance comparability, though it should not replace GAAP-reported EPS.
Key Highlights
- 1PMI hosted its 2018 Investor Day on September 27, 2018.
- 2A press release containing key highlights from the Investor Day presentations was furnished as Exhibit 99.1.
- 3The company provided its definition and rationale for using 'adjusted diluted EPS' as a non-GAAP performance measure.
- 4Adjusted diluted EPS is defined as reported diluted EPS adjusted for asset impairment and exit costs, tax items, and unusual items.
- 5PMI believes adjusted diluted EPS offers insights into core earnings and improves comparability for investors.
- 6The filing clarifies that adjusted diluted EPS is not a substitute for GAAP-reported EPS and should be considered alongside it.
- 7The information provided is furnished under Regulation FD and is not considered 'filed' for purposes of Section 18 of the Exchange Act.