Altria Group, Inc. Holds Investor Presentation Concerning Spin-off of Philip Morris International Inc. |
NEW YORK--(BUSINESS WIRE)--March 11, 2008--Regulatory News:
Altria Group, Inc. (NYSE: MO) today holds an investor presentation
in New York City in connection with the spin-off of Philip Morris
International Inc. (PMI). The presentation will be webcast live in
listen-in mode only, from approximately 8:30 a.m. until 1:00 p.m. New
York City Time, and an archived copy will be made available at
www.altria.com, along with copies of remarks and select slides, until
April 9, 2008.
Altria's (excluding PMI) Presentation
Michael E. Szymanczyk and David Beran, who will become Chairman
and Chief Executive Officer, and Chief Financial Officer,
respectively, following the spin-off, will give presentations on
growth strategies, capital structure, cost savings and productivity
initiatives, opportunities and outlook for their company, followed by
a question-and-answer session.
Altria will reiterate that its 2008 full-year diluted earnings per
share from continuing operations are projected to grow approximately
9% to 11% from an adjusted base of $1.50, excluding PMI.
In addition, Altria will provide details on its longer-term
outlook, namely: a total annual shareholder return of over 12% when
combined with the dividend; earnings per share growth in the range of
8% to 10%; and approximately $1.0 billion in cumulative annual cost
savings, $300 million of which were realized in 2007 and approximately
$700 million in additional savings to be realized by the end of 2011.
PMI's Presentation
Louis C. Camilleri, Andre Calantzopoulos and Hermann Waldemer, who
will become Chairman and Chief Executive Officer, Chief Operating
Officer and Chief Financial Officer, respectively, following the
spin-off, will give presentations on growth strategies, capital
structure, cost savings and productivity initiatives, opportunities
and outlook for their company, followed by a question-and-answer
session.
PMI will reiterate that its 2008 full-year diluted earnings per
share from continuing operations are projected to grow approximately
12% to 14% from a 2007 pro-forma adjusted base of $2.78.
In addition, PMI will provide details on its longer-term outlook,
namely: revenue growth, net of excise taxes, of 4% to 6%; shipment
volume growth of 1% to 2%; operating income growth of 6% to 8%;
earnings per share growth in the range of 10% to 12%; $1.0 billion in
cumulative annual cost savings by the end of 2010; and a cumulative
total cash flow of approximately $22 billion by the end of 2010.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and
other forward-looking statements that involve a number of risks and
uncertainties and are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. The following
important factors could cause actual results and outcomes to differ
materially from those contained in such forward-looking statements.
Altria Group, Inc.'s tobacco subsidiaries (Philip Morris USA Inc.,
John Middleton, Inc. and Philip Morris International Inc.) are subject
to intense price competition; changes in consumer preferences and
demand for their products; fluctuations in levels of customer
inventories; increases in raw material costs; the effects of foreign
economies and local economic and market conditions; unfavorable
currency movements and changes to income tax laws. Their results are
dependent upon their continued ability to promote brand equity
successfully; to anticipate and respond to new consumer trends; to
develop new products and markets and to broaden brand portfolios in
order to compete effectively with lower-priced products; and to
improve productivity.
Altria Group, Inc.'s tobacco subsidiaries continue to be subject
to litigation, including risks associated with adverse jury and
judicial determinations, and courts reaching conclusions at variance
with the company's understanding of applicable law and bonding
requirements in the limited number of jurisdictions that do not limit
the dollar amount of appeal bonds; legislation, including actual and
potential excise tax increases; discriminatory excise tax structures;
increasing marketing and regulatory restrictions; the effects of price
increases related to excise tax increases and concluded tobacco
litigation settlements on consumption rates and consumer preferences
within price segments; health concerns relating to the use of tobacco
products and exposure to environmental tobacco smoke; governmental
regulation; privately imposed smoking restrictions; and governmental
and grand jury investigations.
Altria Group, Inc. and its subsidiaries are subject to other risks
detailed from time to time in its publicly filed documents, including
its Annual Report on Form 10-K for the period ended December 31, 2007.
Altria Group, Inc. cautions that the foregoing list of important
factors is not complete and does not undertake to update any
forward-looking statements that it may make.
Non-GAAP Financial Measures
The companies report their financial results in accordance with
generally accepted accounting principles (GAAP). Today's presentations
may contain various operating results on both a reported basis and on
an adjusted basis, which excludes items that affect the comparability
of reported results. Reconciliations will be included in the remarks
and select slides posted to our website at www.altria.com.
CONTACT: Altria Group, Inc.
Nicholas M. Rolli, 917-663-3460
or
Timothy R. Kellogg, 917-663-2759
SOURCE: Altria Group, Inc.
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