Philip Morris' (PM) Updated FY17 EPS Guidance Tops Views

Philip Morris International Inc.’s (NYSE: PM) Chief Financial Officer, Jacek Olczak, addresses investors today at the CAGNY Conference in Boca Raton, Florida.

The presentation and Q&A session are being webcast live, in a listen-only mode, beginning at approximately 3:00 p.m. ET, at www.pmi.com/cagny, and on the PMI Investor Relations App available at www.pmi.com/irapp. An archived copy of the webcast, together with presentation remarks and slides, will be available on the same site and the App. The presentation will provide an overview of the company’s 2016 results and 2017 outlook, as well as its Reduced-Risk Products portfolio, with a primary focus on its heat-not-burn IQOS.

PMI also increases, for currency only, its 2017 full-year reported diluted earnings per share guidance to a range of $4.80 to $4.95, at prevailing exchange rates, versus $4.48 in 2016. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.08 per share for the full-year 2017, compared to unfavorable currency of $0.18 per share when the company provided guidance on February 2, 2017, the reported diluted earnings per share range represents an increase of approximately 9% to 12% versus adjusted diluted earnings per share of $4.48 in 2016.

(Street sees FY EPS of $4.80)

This forecast:

• reflects net revenue, excluding excise taxes, growth in excess of the company’s current currency-neutral annual growth target range of 4% to 6%;
• does not include any share repurchases in 2017; and
• excludes the impact of future acquisitions, unanticipated asset impairment and exit cost charges, future changes in currency exchange rates, and any unusual events.

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-K for the year ended December 31, 2016, 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.​

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