NEW YORK, May 11, 2011 (BUSINESS WIRE) --
Philip Morris International Inc. (NYSE / Euronext Paris: PM) held its 2011 Annual Meeting of Stockholders today. Louis C. Camilleri, Chairman and Chief Executive Officer, highlighted the company's key achievements in 2010 and reaffirmed the company's steadfast commitment to deliver superior returns to its shareholders.
"2010 was a challenging year as we had to deal with unprecedentedly high excise tax increases in six important markets, the impact on consumer sentiment of stubbornly high and rising unemployment in several European markets, and an increase in illicit trade. Even in this environment, our financial results were robust. EPS growth was solid and a significant reduction in working capital helped to drive a very strong increase in our cash flow," said Mr. Camilleri.
"Our improved business outlook and more favorable exchange rates led us, on April 21st, to increase our reported diluted EPS guidance for 2011 by 20 cents to a range of $4.55 to $4.65. Compared to an adjusted diluted EPS of $3.87 in 2010, this corresponds to an increase of approximately 17.5% to 20% at prevailing exchange rates, and approximately 12.5% to 15% excluding currency."
Adjusted diluted EPS is defined as reported diluted EPS adjusted for asset impairment and exit costs and tax items.
More than 84% of the shares entitled to vote were represented at the meeting in person or by proxy. The ten nominees for director named in the proxy statement were elected; the selection of PricewaterhouseCoopers SA as independent auditors was ratified; the compensation of named executive officers as disclosed in the Company's Proxy Statement was approved on an advisory basis; the frequency of once every year of future advisory votes on executive compensation was recommended on an advisory basis; and the two stockholder proposals presented at the meeting were defeated. 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 Stockholders is available until 5:00 p.m. ET on Friday, June 10, 2011 at www.pmi.com.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international tobacco company, with seven of the world's top 15 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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