UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 21, 2012
Philip Morris International Inc.
(Exact name of registrant as specified in its charter)
Virginia | 1-33708 | 13-3435103 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
120 Park Avenue, New York, New York | 10017-5592 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (917) 663-2000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On June 21 and 22, 2012, Philip Morris International Inc. (PMI) is holding a two-day investor meeting (2012 Investor Day). In connection with the 2012 Investor Day, PMI is issuing a press release (the Press Release) on June 21, 2012 announcing key highlights of the presentations made during the 2012 Investor Day.
A copy of the Press Release is attached as Exhibit 99.1 and is incorporated herein by reference into this Current Report on Form 8-K.
Adjusted diluted EPS is not a U.S. GAAP measure. PMI defines adjusted diluted EPS as reported diluted EPS adjusted for asset impairment and exit costs, discrete tax items and unusual items. PMI believes it is appropriate to disclose this measure as it represents core earnings, improves comparability and helps investors analyze business performance and trends. Adjusted diluted EPS should be considered neither in isolation nor as a substitute for reported diluted EPS prepared in accordance with U.S. GAAP.
The information on PMIs website referenced in the press release, including the presentations made during the 2012 Investor Day, is not, and shall not be deemed to be, part of this Form 8-K or incorporated into any filing PMI makes with the Securities and Exchange Commission, except as expressly set forth in such a filing.
Item 9.01. Exhibits.
(d) Exhibits
99.1 | Philip Morris International Inc. Press Release, dated June 21, 2012. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PHILIP MORRIS INTERNATIONAL INC. | ||
By: | /s/ JERRY WHITSON | |
Name: | Jerry Whitson | |
Title: | Deputy General Counsel and Corporate Secretary |
DATE: June 21, 2012
INDEX TO EXHIBITS
Exhibit No. |
Description | |
99.1 | Philip Morris International Inc. Press Release, dated June 21, 2012. |
Exhibit 99.1
PRESS RELEASE
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Investor Relations: | Media: | |||
New York: +1 (917) 663 2233 | Lausanne: +41 (0)58 242 4500 | |||
Lausanne: +41 (0)58 242 4666 |
Philip Morris International Inc. (PMI) Hosts Investor Day;
Revises Forecast for 2012 Full-Year EPS; Reviews Outlook and Growth Strategies
NEW YORK, June 21, 2012 Philip Morris International Inc.s (NYSE / Euronext Paris: PM) senior management will offer its perspective on the companys business outlook and long-term growth strategies at a two-day investor meeting starting today at approximately 9:00 a.m. (Swiss time) at its Operations Center in Lausanne, Switzerland.
PMI revises, for prevailing exchange rates only, its 2012 full-year reported diluted earnings per share forecast to be in a range of $5.10 to $5.20, versus $4.85 in 2011. Excluding a forecasted total unfavorable currency impact of approximately $0.25 for the full-year 2012, reported diluted earnings per share are projected to increase by approximately 10% to 12% versus adjusted diluted earnings per share of $4.88 in 2011.
Adjusted diluted earnings per share of $4.88 in 2011 is calculated as reported diluted earnings per share of $4.85, less a $0.02 per share benefit for discrete tax items, plus a $0.05 per share charge related to asset impairment and exit costs.
This guidance excludes the impact of any potential future acquisitions, unanticipated asset impairment and exit cost charges, and any unusual events.
Highlights of the event include:
Opening remarks from Louis C. Camilleri, Chairman of the Board and Chief Executive Officer, outlining:
| The key drivers and sustainability of the companys strong business performance, including a forecast of solid organic growth for the full-year 2012; and |
| The mid to long-term growth prospects for the business |
From André Calantzopoulos, Chief Operating Officer, an overview of:
| The global tobacco industry; |
| The competitive, fiscal and regulatory landscapes; |
| The roll-out of the companys new commercial approach; and |
| The companys progress in developing Next Generation Products (NGPs), or Modified Risk Tobacco Products, including its targeted timeline for full commercialization of NGPs by 2016/2017 |
From Hermann Waldemer, Chief Financial Officer, an update on:
| The impact of recent currency movements; |
| The companys strategies to reduce working capital and to fuel further cash flow growth in the years ahead; and |
| The companys approach to continue to generously reward its shareholders through a judicious balance of dividends and share repurchases |
And presentations, outlining the companys strategies for growth, from:
Frederic de Wilde, Senior Vice President, Marketing & Sales; Jacek Olczak, President, European Union Region; Miroslaw Zielinski, President, Eastern Europe, Middle East & Africa Region and PMI Duty Free; James R. Mortensen, President, Latin America & Canada Region; Matteo Pellegrini, Asia Region; and Martin King, Senior Vice President, Operations.
The presentations and Q&A sessions will be webcast live both days, in local Swiss time, in a listen-only mode beginning today, at approximately 9:00 a.m. and concluding at approximately 5:00 p.m. The webcast will resume tomorrow, June 22, 2012, at approximately 8:40 a.m. and conclude at approximately 11:45 a.m. An archive of the webcast will be made available until Friday, July 20, 2012, at www.pmi.com. A copy of remarks and slides will be made available at www.pmi.com at the start of each presentation.
This release may contain projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. 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, 2012. PMI cautions that it does not undertake to update any forward-looking statements that it may make, except in the normal course of its public disclosure obligations.
About Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international tobacco company, with seven of the worlds top 15 international brands, including Marlboro, the number one cigarette brand worldwide. PMIs products are sold in approximately 180 countries. In 2011, the company held an estimated 16.0% share of the total international cigarette market outside of the U.S., or 28.1% excluding the Peoples Republic of China and the U.S. For more information, see www.pmi.com.
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