Philip Morris International Inc. (PMI) Holds 2014 Annual Meeting of Shareholders
07 5월 2014 - 10:00PM
Business Wire
Regulatory News:
Philip Morris International Inc. (NYSE / Euronext Paris: PM)
held its 2014 Annual Meeting of Shareholders today. Louis C.
Camilleri, Chairman of the Board, addressed shareholders and
answered questions. André Calantzopoulos, Chief Executive Officer,
gave the business presentation, including an update of dynamics in
key markets as well as the principal drivers for growth in 2014 and
beyond.
“We remain very confident in our ability to achieve a 6% to 8%
growth in currency-neutral adjusted diluted EPS in 2014 as we
expect our underlying business performance to deliver stronger
second and third quarter adjusted diluted EPS growth rates,
ex-currency. Although we anticipate continued improvement into the
fourth quarter, we will, however, face a more difficult
year-on-year comparison,” said Mr. Calantzopoulos.
The company reaffirms its 2014 full-year reported diluted
earnings per share (EPS) forecast to be in a range of $5.09 to
$5.19, versus $5.26 in 2013, as previously announced on April 17,
2014.
Excluding the unfavorable currency impact, at the then
prevailing exchange rates, of approximately $0.61 for the full-year
2014, and the estimated $0.03 per share restructuring charge in
Australia, reported diluted EPS are projected to increase by
approximately 6% to 8% versus adjusted diluted EPS of $5.40 in
2013. The adjusted diluted EPS of $5.40 in 2013 is calculated as
reported diluted EPS of $5.26, plus a $0.02 per share charge
related to discrete tax items and a $0.12 per share charge related
to asset impairment and exit costs.
This forecast includes a productivity and cost savings target of
$300 million and a share repurchase target of $4.0 billion. This
forecast excludes the impact of any future acquisitions,
unanticipated asset impairment and exit cost charges, future
changes in currency exchange rates and any unusual events. This
forecast also excludes the proposal to discontinue cigarette
production in Bergen op Zoom in the Netherlands.
The factors described in the Forward-Looking and Cautionary
Statements section of this release represent continuing risks to
these projections.
During his presentation, Mr. Calantzopoulos also said: “The
strength of our brands underpins our strong pricing power. While
pricing should continue to be the driver of higher profits, we also
expect our volume/mix to gradually improve. We expect a moderation
in cigarette industry declines as of 2015, helped by gradual
macro-economic improvements. In addition, we have an increased
focus on cost controls and productivity gains. We have developed a
clear competitive edge when it comes to Reduced-Risk Products. We
believe that these products may provide us with a unique
opportunity for accelerated profitability growth over the longer
term.”
“We remain committed to generously rewarding our shareholders
through a combination of dividends and share repurchases. In
September last year, we increased our dividend by a further 10.6%,
bringing the cumulative increase since 2008 to 104.3%,” said Mr.
Calantzopoulos.
During the Meeting, Mr. Camilleri paid tribute to Graham Mackay,
a Board member who passed away in 2013, and expressed his gratitude
to Mathis Cabiallavetta and Dudley Fishburn, two members of the
Board who did not stand for re-election.
Matters put before the Meeting were: the nomination for election
of ten nominees for director named in the company’s proxy
statement; the ratification of the selection of
PricewaterhouseCoopers SA as independent auditors; the approval on
an advisory basis of the compensation of named executive officers
as disclosed in the company’s proxy statement; and two shareholder
proposals. Final voting results will be included in a Form 8-K that
will be filed with the SEC.
An archived copy of the audio webcast of PMI’s Annual Meeting of
Shareholders will be available until 5:00 p.m. ET on Thursday, June
5, 2014 at www.pmi.com/webcasts.
Forward-Looking and Cautionary
Statements
This press release contains projections of future results and
other forward-looking statements. Achievement of projected results
is subject to risks, uncertainties and inaccurate assumptions. In
the event that risks or uncertainties materialize, or underlying
assumptions prove inaccurate, actual results could vary materially
from those contained in such forward-looking statements. Pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, PMI is identifying important factors
that, individually or in the aggregate, could cause actual results
and outcomes to differ materially from those contained in any
forward-looking statements made by PMI.
PMI's business risks include: significant increases in
cigarette-related taxes; the imposition of discriminatory excise
tax structures; fluctuations in customer inventory levels due to
increases in product taxes and prices; increasing marketing and
regulatory restrictions, often with the goal of reducing or
preventing the use of tobacco products; health concerns relating to
the use of tobacco products and exposure to environmental tobacco
smoke; litigation related to tobacco use; intense competition; the
effects of global and individual country economic, regulatory and
political developments; changes in adult smoker behavior; lost
revenues as a result of counterfeiting, contraband and cross-border
purchases; governmental investigations; unfavorable currency
exchange rates and currency devaluations; adverse changes in
applicable corporate tax laws; adverse changes in the cost and
quality of tobacco and other agricultural products and raw
materials; and the integrity of its information systems. PMI's
future profitability may also be adversely affected should it be
unsuccessful in its attempts to produce products with the potential
to reduce the risk of smoking-related diseases; if it is unable to
successfully introduce new products, promote brand equity, enter
new markets or improve its margins through increased prices and
productivity gains; if it is unable to expand its brand portfolio
internally or through acquisitions and the development of strategic
business relationships; or if it is unable to attract and retain
the best global talent.
PMI is further subject to other risks detailed from time to time
in its publicly filed documents, including the Form 10-Q for the
quarter ended March 31, 2014. PMI cautions that the foregoing list
of important factors is not a complete discussion of all potential
risks and uncertainties. PMI does not undertake to update any
forward-looking statement that it may make from time to time,
except in the normal course of its public disclosure
obligations.
###
Philip Morris International
Inc.
Philip Morris International Inc. (PMI) is the leading
international tobacco company, with seven 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 2013, the company held an estimated 15.7% share of the total
international cigarette market outside of the U.S., or 28.2%
excluding the People's Republic of China and the U.S. For more
information, see www.pmi.com.
Investor Relations:New York: +1 (917) 663 2233Lausanne: +41
(0)58 242 4666orMedia:Lausanne: +41 (0)58 242 4500
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