Marlboro Maker Philip Morris Clocks 2.1% Revenue Growth In Q1

Philip Morris International Inc PM reported first-quarter FY22 sales growth of 2.1% year-on-year to $7.75 billion, beating the consensus of $7.43 billion.
Cigarette and heated tobacco unit shipment volume rose by 3.5% Y/Y, with 8.3% growth in the Middle East & Africa.
Marlboro cigarette shipment volume increased 6.7%, mainly driven by PMI Duty-Free, the Philippines, Russia, Spain, and Turkey. Chesterfield shipment volume jumped 22.3%, and Sampoerna A saw an 11.7% hike.
Adjusted operating margin for the quarter compressed from 46.0% to 43.1%, with $3.3 billion in adjusted operating income.
Adjusted EPS was $1.56, and pro forma Adjusted EPS was $1.46.
The company held $4.6 billion in cash and equivalents as of March 31, 2022.
"The recent months have been an extremely challenging time for many in the PMI family given the war in Ukraine," said CEO Jacek Olczak.
Outlook: Philip Morris expects FY22 pro forma adjusted EPS of $5.35 - $5.46 and pro forma adjusted EPS, ex-currency, of $5.98 - $6.09.
It sees pro forma Q2 adjusted EPS of $1.19 - $1.24, reflecting low single-digit pro forma net revenue growth on an organic basis.
Price Action: PM shares are trading higher by 0.11% at $103.16 in premarket on the last check Tuesday.

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