Business Context and Reporting Period
Company: Philip Morris International Inc. (PMI)
Filing Type: Form 8-K (Current Report)
Date: November 13, 2018
Event: Regulation FD Disclosure regarding a presentation at the Morgan Stanley Global Consumer & Retail Conference by CFO Martin G. King.
Key Financial Metrics
This filing does not report current period revenue, profit, cash flow, or debt figures. It references historical data solely to define a non-GAAP measure:
- 2017 Reported Diluted EPS: $3.88
- 2017 Adjusted Diluted EPS: $4.72
- Adjustment Details: The $0.84 per share difference is attributed to tax items, primarily the impact of the Tax Cuts and Jobs Act.
- Other 2017 Adjustments: No EPS impact from asset impairment or exit costs.
Note: The filing text does not provide clear values for current period revenue, margins, liquidity, or debt.
Material Changes
No material changes to financial performance for the current period are disclosed in this document. The filing serves to disseminate information presented at an investor conference and defines the methodology for calculating Adjusted Diluted EPS.
Guidance, Outlook, and Risks
Management Commentary: PMI states that Adjusted Diluted EPS represents core earnings, improves comparability, and aids in analyzing business trends. However, the company explicitly notes this measure should not be considered in isolation or as a substitute for U.S. GAAP reported diluted EPS.
Legal Disclaimer: Information in this report, including the attached press release, is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934 and is not subject to the liabilities of that section.
Investor Verification Checklist
- Review the attached Exhibit 99.1 (Press Release) for specific details on the conference presentation highlights.
- Verify the reconciliation between Reported Diluted EPS and Adjusted Diluted EPS in the company's official earnings reports.
- Confirm the specific impact of the Tax Cuts and Jobs Act on the 2017 tax items referenced.
- Note that this 8-K does not contain updated financial statements or forward-looking guidance numbers.