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Philip Morris International Inc. (NYSE:PM) shares are trading higher after the company reported better-than-expected second-quarter FY24 earnings and raised the adjusted EPS outlook.
The company reported second-quarter growth of 5.6% year-on-year to $9.468 billion, beating the analyst consensus estimate of $9.183 billion.
The smoke-free business accounted for 38.1% of the company’s total net revenues, up by 2.7pp versus second-quarter last year.
Cigarette and Heated Tobacco unit (HTU) shipment volume in second-quarter grew by 2.5% Y/Y, reflecting growth of 13.1% and 0.4% for HTUs and cigarettes respectively.
Adjusted EPS of $1.59 beat the consensus estimate of $1.57.
Adjusted operating margin for the quarter contracted from 39.4% to 38.6%, with $3.66 billion in adjusted operating income.
Also Read: Philip Morris Expands US Operations With $600M Colorado Plant
The company held $4.8 billion in cash and equivalents as of June-end. Net debt totaled $44.33 billion with a net debt to adjusted EBITDA ratio of 3.02.
Jacek Olczak, Chief Executive Officer, said, “The excellent momentum of our smoke-free business continued with an outstanding second-quarter and first-half performance.”
Outlook: Philip Morris raised its FY24 adjusted EPS outlook from $6.26 – $6.38 to $6.33 – $6.45 versus an estimate of $6.33.
Philip Morris sees third-quarter adjusted EPS of $1.77 – $1.82 versus an estimate of $1.77.
This forecast assumes Nicotine pouch shipment volume in the U.S. of 560 to 580 million cans, and net revenue growth of 7.5% to 9% on an organic basis.
The company expects a slightly greater impact from consumer adjustment to the EU characterizing flavor ban than previously assumed.
Price Action: PM shares are trading higher by 2.87% at $110.30 at last check Tuesday.
Image by svklimkin from Pixabay
Posted In: PM