2024

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<p class="has-drop-cap">Philip Morris International Inc. (PMI) (NYSE: PM) has reported an <a href="https://www.businesswire.com/news/home/20241021238001/en/Philip-Morris-International-Reports-2024-Third-Quarter-First-Nine-Months-Results-Raises-2024-Guidance-for-Reported-Diluted-EPS-to-6.20---6.26-and-Adjusted-Diluted-EPS-to-6.45---6.51" target="_blank" aria-label="exceptionally strong performance for the third quarter of 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">exceptionally strong performance for the third quarter of 2024</a>, achieving record quarterly net revenues and earnings per share (EPS). The company’s net revenues increased by 8.4% to $9.9 billion, with an organic growth rate of 11.6%. This growth was driven by a favorable pricing variance and an increase in smoke-free product volumes, which now account for 38% of PMI’s total net revenues. <br><br>The smoke-free segment saw a robust growth of 14.2% in net revenues and a 15.9% increase in gross profit, demonstrating PMI’s strategic focus on transitioning towards a smoke-free future.</p>
<p>The company’s total shipment volume for cigarettes and heated tobacco units (HTUs) rose by 2.6%, with HTU shipments alone increasing by 8.9%. This growth was fueled by strong performances across various regions, including Japan and Europe, where IQOS, PMI’s leading smoke-free product, continued to gain market share.</p>
<p>In Japan, IQOS’s market share increased by 3.2 percentage points, reaching nearly 30% of the total nicotine offtake share in major cities like Tokyo and Yokohama. In Europe, the adjusted in-market sales growth for HTUs reaccelerated to 11.3%, driven by significant growth in markets such as Italy, Greece, and Germany.</p>
<h3 id="philip-morris-beats-third-quarter-expectations-with-ease">Philip Morris Beats Third Quarter Expectations with Ease</h3>
<p>Philip Morris International’s performance in the third quarter of 2024 exceeded market expectations and set records. Analysts had projected an EPS of $1.82 and revenue of $9.68 billion for the quarter.</p>
<p>However, PMI reported an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">adjusted diluted EPS</a> of $1.91, surpassing expectations by 4.9%. The reported diluted EPS saw a remarkable increase of 49.2% year-over-year, reaching $1.97, highlighting the company’s ability to navigate challenges and capitalize on growth opportunities.</p>
<p>The company’s strategic focus on smoke-free products has been a significant factor in exceeding expectations. The smoke-free business contributed 40% of PMI’s gross profit, with notable growth in IQOS and ZYN products.</p>
<p>Additionally, PMI’s combustible tobacco segment also performed well, with net revenues growing by 5.2%, driven by high single-digit pricing and resilient industry volumes. This balanced growth across both smoke-free and traditional tobacco products underscores PMI’s robust business model and adaptability in a dynamic market environment.</p>
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<h3 id="pm-raises-full-year-2024-guidance-expects-diluted-eps-in-range-of-6-20-to-6-26">PM Raises Full Year 2024 guidance, Expects Diluted EPS in Range of $6.20 to $6.26</h3>
<p>In light of its strong year-to-date performance, Philip Morris International has raised its full-year guidance for 2024. The company now expects its reported diluted EPS to be in the range of $6.20 to $6.26, up from $5.02 in 2023. This revised guidance reflects a projected increase of 7.3% to 8.3% in adjusted diluted EPS, excluding a total adjustment of $0.25 per share.</p>
<p>Furthermore, excluding an adverse currency impact of $0.40, PMI anticipates a growth of 14.0% to 15.0% in adjusted diluted EPS, highlighting its confidence in sustained growth momentum.</p>
<p>The company’s optimistic outlook is supported by several key assumptions, including an estimated total international industry volume growth of up to 1% for cigarettes and HTUs, excluding China and the U.S. PMI also expects its total cigarette, HTU, and oral smoke-free product shipment volume to grow by 2% to 3%, driven by smoke-free products.</p>
<p>Additionally, the company forecasts organic net revenue growth of around 9.5% and organic operating income growth of 14% to 14.5%.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/philip-morriss-third-quarter-net-revenues-soar-to-9-9-billion-surpassing-expectations/">Philip Morris’s Third-Quarter Net Revenues Soar to $9.9 Billion, Surpassing Expectations</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Philip Morris’s Third-Quarter Net Revenues Soar to $9.9 Billion, Surpassing Expectations

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