Philip Morris (PM) Offers Revised FY16 EPS Guidance
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Philip Morris International Inc.’s (“PMI”) (NYSE: 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 revises, for currency only, its 2016 full-year reported diluted earnings per share forecast to be in a range of $4.46 to $4.51 versus $4.42 in 2015. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.42 for the full-year 2016, the diluted earnings per share range represents a projected increase of approximately 10.5% to 11.5% versus adjusted diluted earnings per share of $4.42 in 2015.
- This forecast does not include any share repurchases in 2016.
- The adjusted diluted EPS of $4.42 in 2015 is calculated as reported diluted EPS of $4.42, plus a $0.03 per share charge related to asset impairment and exit costs, less a $0.03 per share benefit related to discrete tax items.
- 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.
- In the fourth quarter of 2016, PMI continues to anticipate:
- Strong currency-neutral net revenue growth, excluding excise taxes, supported by a favorable pricing variance of approximately 8% to 9% of fourth-quarter 2015 net revenues, excluding excise taxes; and
- A favorable cost comparison, reflecting incremental investments made in the fourth quarter of 2015.
- PMI’s weekly HeatSticks market share in Japan reached 4.9% in the last week of October 2016.
(Street sees FY16 EPS of $4.55)
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Create E-mail Alert Related CategoriesCorporate News, Guidance
Related EntitiesMorgan Stanley, Earnings
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