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Philip Morris International Inc&nbsp;PM reported first-quarter FY24 sales growth of 9.7% year-on-year to $8.793 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38374936/philip-morris-international-reports-first-quarter-2024-results-and-updates-full-year-guidance" rel="noreferrer noopener">beating the analyst consensus estimate of $8.468 billion</a>.



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 <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">beat the consensus estimate of $1.41.</a>



Marlboro&nbsp;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, &#8220;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.&#8221;



Outlook: Philip Morris cuts FY24 adjusted EPS outlook to $6.19 &#8211; $6.31&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37015597/why-is-philip-morris-stock-falling-today" rel="noreferrer noopener">from&nbsp;$6.32-$6.44</a>&nbsp;versus an estimate of $6.35.



It raised FY24 organic revenue growth guidance to 7% &#8211; 8.5% from 6.5% &#8211; 8%.



Philip Morris sees second-quarter adjusted EPS of $1.50 &#8211; $1.55 against an&nbsp;estimate of&nbsp;$1.63.



Price Action: PM shares are trading higher by 2.98% at $96.86 at the last check Tuesday.



Image by svklimkin from Pixabay

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Explore Philip Morris International Inc's Q1 FY24 performance: 9.7% sales surge to $8.793 billion, surpassing analyst predictions. Notably, smoke-free products contributed significantly, comprising 39% of total net revenues. Despite a modest 3.1% growth in cigarette and Heated Tobacco unit shipments, revenue from smoke-free items soared by 21.1% to $3.4 billion.

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