Philip Morris International Inc.’s (NYSE: PM I) (PM) Chief Financial Officer, Emmanuel Babeau, will address investors today at the 2023 Consumer Analyst Group of New York (CAGNY) Conference.
The event will be webcast live in listen-only mode, beginning at approximately 11:00 a.m. ET, at www.pmi.com/2023cagny and on the PMI Investor Relations Mobile Application (accessible on iOS or Android devices). Presentation slides will also be available on the same site and the App. An archived copy of the webcast will be available until 5:00 p.m. ET on Thursday, March 23, 2023, also at www.pmi.com/2023cagny.
The presentation will cover:
- PMI’s progress to date on becoming a predominantly smoke-free business by 2025;
- the powerful financial model underlying the company’s smoke-free transformation;
- the company’s strong multi-category portfolio with leading premium brands in heat-not-burn and oral nicotine;
- PMI’s near-term plans for investing in the commercialization of IQOS in the U.S. and nicotine pouches internationally;
- the role of the company’s combustible tobacco portfolio in its smoke-free transformation;
- PMI’s leadership on sustainability, with a continued focus on the health impact of its products; and
- the company’s capital allocation priorities and unwavering commitment to shareholder returns.
2023 Full-Year Forecast
PMI reaffirms its 2023 full-year reported diluted EPS forecast, announced on February 9th, of $6.09 to $6.21, at then-prevailing exchange rates. Excluding a total 2023 adjustment of $0.16 per share and an unfavorable currency impact, at then-prevailing exchange rates, of $0.15 per share, this forecast represents a projected currency-neutral increase of 7% to 9% versus adjusted diluted EPS of $5.98 in 2022, as outlined in the below table.
Reported Diluted EPS
Amortization and impairment of intangibles
Costs associated with Swedish Match AB offer
Swedish Match AB acquisition accounting related item
Tax benefit associated with Swedish Match AB financing
Charges related to the war in Ukraine
Fair value adj. for equity security investments
Adjusted Diluted EPS
Adjusted Diluted EPS, excluding currency
The assumptions underlying this forecast remain unchanged versus those communicated by PMI in its earnings release of February 9, 2023.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
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