Reflecting Ex-Currency Like-for-Like Adjusted Diluted EPS Growth of at Least 9.0%
Germany Manufacturing Restructuring Charges
On
The
Cost savings anticipated from this initiative are included in PMI’s previously communicated annualized cost efficiencies target of over
2019 FULL-YEAR FORECAST
|
Full-Year |
||||||||
2019 EPS Forecast |
2019 Forecast |
|
2018 |
Adjusted Growth |
|||||
|
|
|
|
|
|
|
|
||
Reported Diluted EPS |
≥ |
$4.53 |
(a) |
$5.08 |
|
|
|
||
2018 Tax items |
|
— |
|
|
0.02 |
|
|
|
|
2019 Tax items |
|
(0.04 |
) |
|
— |
|
|
|
|
2019 Asset impairment and exit costs |
|
0.24 |
|
|
— |
|
|
|
|
2019 Canadian tobacco litigation-related expense |
|
0.09 |
|
|
— |
|
|
|
|
2019 Loss on deconsolidation of RBH |
|
0.12 |
|
|
— |
|
|
|
|
2019 Russia excise and VAT audit charge |
|
0.20 |
|
|
— |
|
|
|
|
Adjusted Diluted EPS |
|
$5.14 |
|
$5.10 |
|
|
|
||
Net earnings attributable to RBH |
|
|
|
(0.26 |
) |
(b) |
|
|
|
Adjusted Diluted EPS |
|
$5.14 |
|
$4.84 |
(c) |
|
|
||
Currency |
|
(0.14 |
) |
|
|
|
|
|
|
Adjusted Diluted EPS, excluding currency |
≥ |
$5.28 |
|
$4.84 |
(c) |
≥9% |
(a) Reflects the exclusion of previously anticipated net EPS of approximately
(b) Net reported diluted EPS attributable to RBH from
(c) Pro forma.
PMI revises its full-year 2019 reported diluted EPS forecast to be at least
This revised full-year guidance reflects:
2019 Full-Year Forecast Assumptions
Assumptions supporting the 2019 full-year forecast, as previously communicated in PMI’s third quarter 2019 earnings release of
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, further developments pertaining to the judgment in the two Québec Class Action lawsuits and the Companies’ Creditors Arrangement Act (CCAA) protection granted to RBH and any unusual events.
Factors described below in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other forward-looking statements. Achievement of future 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: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our 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, natural disasters and conflicts; 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, and limitations on the ability to repatriate funds; 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 and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; 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. Future results are also subject to the lower predictability of our reduced-risk product category's performance.
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
Definitions of key terms used in this release can be found in PMI’s third quarter 2019 earnings release, which is available at www.pmi.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191104005532/en/
Source:
Investor Relations:
New York: +1 (917) 663 2233
Lausanne: +41 (0)58 242 4666
Email: InvestorRelations@pmi.com
Media:
Lausanne: +41 (0)58 242 4500
Email: Iro.Antoniadou@pmi.com