Regulatory News:
Philip Morris International Inc. (NYSE / Euronext Paris: PM)
held its 2015 Annual Meeting of Shareholders today. Louis C.
Camilleri, Chairman of the Board, addressed shareholders and
answered questions. André Calantzopoulos, Chief Executive Officer,
gave the business presentation, which included an overview of PMI’s
strong momentum, the exciting prospects for its Reduced-Risk
Products portfolio and its commitment to returning cash to
shareholders.
“2014 was an investment year during which we successfully
resolved a number of market-specific challenges, optimized our
global manufacturing footprint, launched the new Marlboro 2.0
Architecture and introduced our first Reduced-Risk Product, iQOS,”
said Mr. Calantzopoulos.
“Strong business fundamentals, underpinned by the investments
made last year, are driving an excellent start to this year,” he
continued.
The company reaffirmed its 2015 full-year reported diluted
earnings per share (EPS) forecast to be in a range of $4.32 to
$4.42, versus $4.76 in 2014, as previously announced on April 16,
2015.
Excluding an unfavorable currency impact, at prevailing exchange
rates, of approximately $1.15 per share for the full-year 2015,
reported diluted EPS are projected to increase by 9% to 11% versus
adjusted diluted EPS of $5.02 in 2014. The adjusted diluted EPS of
$5.02 in 2014 is calculated as reported diluted EPS of $4.76, plus
a $0.26 per share charge related to asset impairment and exit
costs.
This forecast includes incremental spending versus 2014 for the
deployment of PMI's Reduced-Risk Product, iQOS. The spending, which
is skewed towards the second half of the year, will support plans
for national expansion in Japan and Italy, as well as pilot or
national launches in additional markets, later in 2015. This
forecast does not include any share repurchases in 2015. 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.
The factors described in the Forward-Looking and Cautionary
Statements section of this release represent continuing risks to
these projections.
During his presentation, Mr. Calantzopoulos also said: “Our
superior brand portfolio, supported by a superb commercial
organization, is driving continued market share momentum and a
strong pricing variance. This is complemented by our vigorous focus
on productivity and cost controls. iQOS is performing above
expectations, reinforcing our excitement behind our plans for
expansion later this year.”
“We are managing our cash flow prudently and forecast 2015 free
cash flow to be broadly in line with last year, despite the
currency setback. This should enable us to provide an attractive
dividend and yield to our shareholders, while investing behind the
business in order to generate long-term growth,” said Mr.
Calantzopoulos.
During the Meeting, Mr. Camilleri expressed his gratitude to
Carlos Slim Helú, a member of the Board who did not stand for
re-election.
Matters put before the Meeting were: the nomination for election
of twelve nominees for director named in the company’s proxy
statement; the ratification of the selection of
PricewaterhouseCoopers SA as independent auditors; the approval on
an advisory basis of the compensation of named executive officers
as disclosed in the company’s proxy statement; and two shareholder
proposals. Final voting results will be included in a Form 8-K that
will be filed with the SEC.
An archived copy of the audio webcast of PMI’s Annual Meeting of
Shareholders will be available until 5:00 p.m. ET on Thursday, June
4, 2015 at www.pmi.com/webcasts.
Forward-Looking and Cautionary
Statements
This press release contains projections of future results and
other forward-looking statements. Achievement of projected results
is subject to risks, uncertainties and inaccurate assumptions. In
the event that risks or uncertainties materialize, or underlying
assumptions prove inaccurate, actual results could vary materially
from those contained in such forward-looking statements. Pursuant
to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, PMI is identifying important factors
that, individually or in the aggregate, could cause actual results
and outcomes to differ materially from those contained in any
forward-looking statements made by PMI.
PMI's business risks include: significant increases in
cigarette-related taxes; the imposition of discriminatory excise
tax structures; fluctuations in customer inventory levels due to
increases in product taxes and prices; increasing marketing and
regulatory restrictions, often with the goal of reducing or
preventing the use of tobacco products; health concerns relating to
the use of tobacco products and exposure to environmental tobacco
smoke; litigation related to tobacco use; intense competition; the
effects of global and individual country economic, regulatory and
political developments; changes in adult smoker behavior; lost
revenues as a result of counterfeiting, contraband and cross-border
purchases; governmental investigations; unfavorable currency
exchange rates and currency devaluations; adverse changes in
applicable corporate tax laws; adverse changes in the cost and
quality of tobacco and other agricultural products and raw
materials; and the integrity of its information systems. PMI's
future profitability may also be adversely affected should it be
unsuccessful in its attempts to produce products with the potential
to reduce individual risk and population harm; if it is unable to
successfully introduce new products, promote brand equity, enter
new markets or improve its margins through increased prices and
productivity gains; if it is unable to expand its brand portfolio
internally or through acquisitions and the development of strategic
business relationships; or if it is unable to attract and retain
the best global talent.
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, 2015. PMI cautions that the foregoing list
of important factors is not a complete discussion of all potential
risks and uncertainties. PMI does not undertake to update any
forward-looking statement that it may make from time to time,
except in the normal course of its public disclosure
obligations.
Philip Morris International
Inc.
Philip Morris International Inc. (PMI) is the leading
international tobacco company, with six of the world's top 15
international brands, including Marlboro, the number one cigarette
brand worldwide. PMI's products are sold in more than 180 markets.
In 2014, the company held an estimated 15.6% share of the total
international cigarette market outside of the U.S., or 28.6%
excluding the People's Republic of China and the U.S. For more
information, see www.pmi.com.
Reduced-Risk Products (“RRPs”) is the term the company uses to
refer to products with the potential to reduce individual risk and
population harm in comparison to smoking combustible cigarettes.
PMI’s RRPs are in various stages of development and
commercialization, and we are conducting extensive and rigorous
scientific studies to determine whether we can support claims for
such products of reduced exposure to harmful and potentially
harmful constituents in smoke, and ultimately claims of reduced
disease risk, when compared to smoking combustible cigarettes.
Before making any such claims, we will need to rigorously evaluate
the full set of data from the relevant scientific studies to
determine whether they substantiate reduced exposure or risk. Any
such claims may also be subject to government review and approval,
as is the case in the U.S. today.
Philip Morris International Inc.Investor Relations:New York: +1
(917) 663 2233Lausanne: +41 (0)58 242 4666orMedia:Lausanne: +41
(0)58 242 4500
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