Philip Morris International Inc. Presents at the Morgan Stanley Global Consumer & Retail Conference
20 11월 2014 - 12:15AM
Business Wire
Regulatory News:
Philip Morris International Inc. (“PMI”) (NYSE/Euronext Paris:
PM) Chief Executive Officer, André Calantzopoulos, 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 10:20 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 from the presentation
include:
- The Company reaffirms its 2014
full-year reported diluted earnings per share (“EPS”) forecast to
be in a range of $4.76 to $4.81 versus $5.26 in 2013. On an
adjusted basis, diluted EPS are projected to increase in the range
of approximately 6.5% to 7.5% versus adjusted diluted EPS of $5.40
in 2013. This adjustment reflects:
- an after-tax charge of $0.02 per share,
recorded as asset impairment and exit costs of $0.01 per share in
the first quarter of 2014 and an anticipated $0.01 per share in the
fourth quarter of 2014, relating to the decision to discontinue
cigarette production in Australia by the end of 2014;
- a total after-tax charge of $0.25 per
share, recorded as asset impairment and exit costs in the second
and third quarters of 2014, related to the decision to discontinue
cigarette production in the Netherlands in 2014; and
- an unfavorable currency impact, at
prevailing exchange rates, of approximately $0.72 per share for the
full-year 2014.
- In 2015, as previously disclosed, the
Company targets annual growth rates, on a currency-neutral basis,
of 4% to 6% for net revenues, 6% to 8% for adjusted operating
companies income and 8% to 10% for adjusted diluted EPS, despite
the incremental year-over-year investments in Reduced-Risk
Products;
- For the full-year 2015, at prevailing
exchange rates, an unfavorable currency impact would approach
approximately $0.60 per share;
- In 2014, the Company anticipates that
international cigarette volume, excluding China and the USA, will
decline by 2.9%; the Company believes that international cigarette
industry volume will revert to its historical decline rate of
between 1% and 2% in the foreseeable future;
- The Company has now launched its
Reduced-Risk Product, iQOS, and Marlboro HeatSticks, in Nagoya,
Japan, and announces that it will launch in Milan, Italy, on
November 20, 2014;
- In the future, the Company aims to
return around 100% of its free cash flow to its shareholders
through dividends and share repurchases after taking into account
the funding of any attractive business development initiatives;
since 2008, the Company has increased its dividend by 117.4% to an
annualized rate of $4.00 a share; and
- The Company will provide its 2015
full-year reported diluted EPS forecast in February of next
year.
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, 2014, 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 $5.40 in 2013 is
calculated as reported diluted earnings per share of $5.26, plus a
$0.02 per share adjustment for tax items, plus a $0.12 per share
adjustment 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 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 28.3%
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 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
need to 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 USA today.
Philip Morris International Inc.Investor Relations:New York: +1
(917) 663 2233Lausanne: +41 (0)58 242 4666orMedia:Lausanne: +41
(0)58 242 4500
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