Regulatory News:
Philip Morris International Inc.’s (“PMI”) (NYSE/Euronext Paris:PM)
Chief Financial Officer, Jacek Olczak, addresses investors today at the
Morgan Stanley Global Consumer & Retail Conference in New York.
The presentation and Q&A session are being webcast live at www.pmi.com/webcasts
in a listen-only mode, beginning at approximately 10:40 a.m. Eastern
Time. The audio webcast may also be accessed on iOS or Android devices
by downloading PMI’s free Investor Relations Mobile Application at www.pmi.com/irapp.
An archived copy of the webcast, together with slides, will be available
on the same site. Highlights of the presentation include:
-
PMI reaffirms its 2015 full-year reported diluted EPS forecast to be
in a range of $4.35 to $4.40, at prevailing exchange rates, versus
$4.76 in 2014. Excluding an unfavorable currency impact, at prevailing
exchange rates, of approximately $1.22 per share for the full-year
2015, and the impact of the 2015 tax items of $0.01 per share recorded
in the third quarter, PMI anticipates that its diluted EPS growth rate
will be toward the upper end of its projected range of 11% to 12%
versus adjusted diluted earnings per share of $5.02 in 2014.
-
As previously communicated, this forecast includes incremental
spending in 2015 versus 2014 in support of PMI’s Reduced-Risk Product, iQOS,
including accelerated spending behind planned national expansions and
city launches in 2015 and 2016, and to further reinforce the favorable
momentum of its cigarette brand portfolio. This forecast does not
include any share repurchases in 2015;
-
PMI announces additional city launches in 2015 of its Reduced-Risk
Product, iQOS, in Lisbon, Portugal, Bucharest, Romania and
Moscow, Russia;
-
PMI anticipates that, for the full year 2015, total international
industry cigarette volume, excluding China and the U.S., will decline
by approximately 2.5%;
-
PMI expects to generate a free cash flow in 2015 broadly in line with
2014;
-
At prevailing exchange rates applied to PMI’s anticipated full-year
2015 financial results, PMI estimates a full-year unfavorable currency
impact in 2016 of approximately $0.27 per share; and
-
PMI will provide its 2016 full-year reported diluted EPS forecast in
February 2016.
The presentation, related discussion and this release contain statements
that, to the extent they do not relate strictly to historical or current
facts, constitute "forward-looking statements" within the meaning of the
Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are based on current plans,
estimates and expectations, and are not guarantees of future
performance. They are based on management's expectations that involve a
number of business risks and uncertainties, any of which could cause
actual results to differ materially from those expressed in or implied
by the forward-looking statements.
The risks and uncertainties relating to the forward-looking statements
in the presentation, related discussion and this release include those
described under Item 1A. “Risk Factors” in PMI’s Form 10-Q for the
quarter ended September 30, 2015, filed with the Securities and Exchange
Commission. PMI does not undertake to publicly update or revise any
forward-looking statements, except in the normal course of its public
disclosure obligations.
Adjusted diluted earnings per share of $5.02 in 2014 is calculated as
reported diluted earnings per share of $4.76, plus a $0.26 per share
charge related to asset impairment and exit costs.
The guidance excludes the impact of future acquisitions, unanticipated
asset impairment and exit cost charges, future changes in currency
exchange rates and any unusual events.
A glossary of terms and reconciliations of non-GAAP measures to the most
comparable GAAP measures included in the presentation are provided at
the end of the presentation.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international
tobacco company, with six of the world's top 15 international brands,
including Marlboro, the number one cigarette brand worldwide. PMI's
products are sold in more than 180 markets. In 2014, the company held an
estimated 15.5% share of the estimated total international cigarette
market outside of the U.S., or 28.5% excluding the People's Republic of
China and the U.S. For more information, see www.pmi.com.
Reduced-Risk Products (“RRPs”) is the term the company uses to refer to
products with the potential to reduce individual risk and population
harm in comparison to smoking combustible cigarettes. PMI’s RRPs are in
various stages of development and commercialization, and we are
conducting extensive and rigorous scientific studies to determine
whether we can support claims for such products of reduced exposure to
harmful and potentially harmful constituents in smoke, and ultimately
claims of reduced disease risk, when compared to smoking combustible
cigarettes. Before making any such claims, we will rigorously evaluate
the full set of data from the relevant scientific studies to determine
whether they substantiate reduced exposure or risk. Any such claims may
also be subject to government review and approval, as is the case in the
United States today.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151118005265/en/
Copyright Business Wire 2015