Philip Morris International Inc PM reported first-quarter FY24 sales growth of 9.7% year-on-year to $8.793 billion, beating the analyst consensus estimate of $8.468 billion.
The smoke-free business accounted for 39% of the company's total net revenues.
Cigarette and Heated Tobacco unit (HTU) shipment volume in first-quarter grew by 3.1% Y/Y, reflecting growth of 20.9% for HTUs and a decline of 0.4% for cigarettes.
Adjusted EPS of $1.50 beat the consensus estimate of $1.41.
Marlboro cigarette shipment volume increased by 1.7% to 56.9 billion units. Revenue from smoke-free products increased 21.1% Y/Y to $3.4 billion.
Adjusted operating margin for the quarter expanded from 37.3% to 38.2%, with $3.36 billion in adjusted operating income.
The company held $3.9 billion in cash and equivalents as of March-end.
Jacek Olczak, Chief Executive Officer, said, “We are executing efficiently and effectively in a dynamic operating environment of geopolitical and economic tensions that accentuate currency volatility. We are doing our utmost to mitigate these challenges and deliver robust growth and value creation.”
Outlook: Philip Morris cuts FY24 adjusted EPS outlook to $6.19 – $6.31 from $6.32-$6.44 versus an estimate of $6.35.
It raised FY24 organic revenue growth guidance to 7% – 8.5% from 6.5% – 8%.
Philip Morris sees second-quarter adjusted EPS of $1.50 – $1.55 against an estimate of $1.63.
Price Action: PM shares are trading higher by 2.98% at $96.86 at the last check Tuesday.
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