8-KRegulation FDExhibits & Filings

Philip Morris International Inc. 8-K Report, Regulation FD Disclosure (Nov 13, 2018)

Filed November 13, 2018For Securities:PM

Summary

Philip Morris International Inc. (PM) filed an 8-K on November 13, 2018, primarily to announce its participation in the Morgan Stanley Global Consumer & Retail Conference. The CFO, Mr. Martin G. King, was scheduled to present. The filing included a press release (Exhibit 99.1) detailing highlights from this presentation, which are relevant for investors seeking insights into the company's performance and outlook. A key focus of the announcement is the company's definition and use of "adjusted diluted EPS," a non-GAAP measure that excludes certain charges like asset impairment, exit costs, and tax items to better reflect core earnings and facilitate comparability. Investors should note that the information furnished in this 8-K, including the press release, is not considered "filed" under Section 18 of the Securities Exchange Act of 1934, meaning it does not carry the same regulatory implications as a formally filed document. However, it provides forward-looking statements and performance metrics that are crucial for understanding the company's financial health and strategic direction. The company clarifies how its 2017 adjusted diluted EPS of $4.72 was calculated, specifically noting a $0.84 per share impact from tax items, primarily related to the Tax Cuts and Jobs Act, as a key adjustment from the reported diluted EPS of $3.88.

Key Highlights

  • 1Philip Morris International (PM) announced a presentation by its CFO at the Morgan Stanley Global Consumer & Retail Conference on November 13, 2018.
  • 2A press release (Exhibit 99.1) was attached to the 8-K, providing highlights of the CFO's presentation.
  • 3The company detailed its non-GAAP financial measure: "adjusted diluted EPS," which excludes asset impairment, exit costs, and tax items.
  • 4PMI believes adjusted diluted EPS offers a clearer view of core earnings, enhances comparability, and aids in analyzing business performance and trends.
  • 5The filing provides a specific reconciliation of PMI's 2017 adjusted diluted EPS ($4.72) to its reported diluted EPS ($3.88), highlighting a $0.84 per share charge related to tax items (Tax Cuts and Jobs Act).
  • 6No EPS impact from asset impairment or exit costs was reported for 2017.
  • 7Information furnished under Item 7.01 is not deemed "filed" for Section 18 purposes, but offers key performance insights.

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