NEW YORK--(BUSINESS WIRE)--Nov. 16, 2011--
Philip Morris International Inc. (NYSE/Euronext Paris: PM) Chairman and
Chief Executive Officer, Louis Camilleri, 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,
in a listen-only mode, beginning at approximately 12 Noon Eastern Time.
An archived copy of the webcast, together with slides, will be available
on the same site.
The presentation includes the following key highlights:
PMI announces that, for the full year 2011, it expects to achieve a
reported diluted EPS of at least $4.85, up from its previously
disclosed guidance range of $4.75 to $4.80. Compared to our adjusted
diluted EPS of $3.87 in 2010, this represents a growth rate of
approximately 25.0%, or 20.0% after excluding an expected favorable
currency variance of approximately 20 cents for the full year;
Barring any unforeseen major disruption, PMI expects to again meet its
mid to long-term constant currency annual adjusted diluted EPS growth
target of 10% to 12% in 2012;
Over the next five years, PMI expects cigarette industry volume
outside the USA to increase up to 1.3% a year, driven by growth in
China and non-OECD markets. The forecast trend for the industry,
excluding China and the USA, is between stability and a 1.3% annual
decline, an improved outlook compared to previous forecasts; PMI
expects to continue to outperform the industry thanks to its excellent
PMI believes it will exit 2011 with a national market share in Japan
of approximately 28.5%;
On a year-to-date basis through September, 2011, PMI has exceeded $1.6
billion in pricing variance and expects a favorable pricing
environment to continue in 2012;
PMI will comfortably surpass its targeted annual pretax cost savings
of $250 million for 2011;
On a year-to-date basis through September, 2011, PMI has generated
$9.0 billion in free cash flow, thus already surpassing its full year
2010 total of $8.7 billion; and
Since PMI’s spin-off in March 2008, the company has increased its
annual dividend by 67.4% to $3.08 per share and has returned nearly
$35 billion to its shareholders through dividends and share
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
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-Q for the
quarter ended September 30, 2011, 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
A glossary of terms and reconciliations of non-GAAP measures included in
the presentation to the most comparable GAAP measures are provided
either at the end of the presentation or are available on PMI’s web site.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international
tobacco company, with seven of the world’s top 15 international brands,
including Marlboro, the number one cigarette brand worldwide.
PMI’s products are sold in approximately 180 countries. In 2010, the
company held an estimated 16.0% share of the total international
cigarette market outside of the U.S., or 27.6% excluding the People’s
Republic of China and the U.S. For more information, see www.pmi.com.
Source: Philip Morris International Inc.
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