Philip Morris (PM) Offers Revised FY16 EPS Guidance

November 16, 2016 10:39 AM EST

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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 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 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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