Philip Morris International Inc.’s (NYSE / Paris Euronext: PM) Chief Executive Officer,
André Calantzopoulos, Chief Operating Officer, Jacek Olczak, and Chief Financial Officer, Martin King, address investors today
at the Consumer Analyst Group of New York Conference in Boca Raton, Florida, USA.
The presentation will provide an overview of the company’s: strategy for a smoke-free future; key success factors; strong
combustible business; operating model and investment plans for driving the commercial success of its reduced-risk products; and
its 2018 financial outlook, including capital structure and shareholder return priorities.
The company reaffirms its 2018 reported diluted EPS guidance, announced on February 8, for 2018 full-year reported diluted
earnings per share to be in a range of $5.20 to $5.35, versus $3.88 in 2017. Excluding a favorable currency impact, at thenprevailing
rates, of approximately $0.16 per share, the reported diluted EPS range represents an increase of approximately 7% to
10% versus adjusted diluted EPS of $4.72 in 2017. Adjusted diluted earnings per share of $4.72 in 2017 is calculated as reported
diluted EPS of $3.88, plus tax items of $0.84 per share primarily related to the implementation of the Tax Cuts and Jobs Act.
This 2018 forecast assumes: currency-neutral net revenue growth of over 8%, operating cash flow of over $9.0 billion; capital
expenditures of approximately $1.7 billion; and no share repurchases. This forecast excludes the impact of any future
acquisitions, unanticipated asset impairment and exit cost charges, future changes in currency exchange rates, further
developments related to the Tax Cuts and Jobs Act, and any unusual events.
The company notes that, while currency spot rates have moved in a favorable direction since it provided guidance on February
8, these rates remain volatile. The company will revisit the impact of currency when it provides EPS guidance with its first
quarter earnings results on April 19.
As communicated on February 8, the company anticipates reported diluted EPS of approximately $0.87 in the first quarter of
2018, including approximately $0.03 of favorable currency, at then-prevailing rates.
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, 2017, 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