Philip Morris posts record quarterly revenues and EPS
Tobacco giant Philip Morris posted record quarterly revenues and profit per share, while raising its outlook.
Philip Morris International Inc.
$123.78
11:10 23/12/24
"This reflects continued excellent business momentum, driven by strong IQOS performance, resilient combustible trends and the exceptional growth of ZYN [nicotine pouches] -- which has surpassed our expectations yet again," said chief executive officer Jacel Olczak
For the three months ending in September, total net revenues jumped by 9.3% versus a year earlier on an organic basis to reach $9.1bn.
They were helped by a 16.5% surge in net revenues from smoke-free products to reach $3.3bn.
As a result, adjusted diluted earnings per share jumped by 11.3% to $1.67.
At constant exchange rates, net revenues were ahead by 16.4% and EPS by 20.3%.
During the latest three-month stretch, the company shipped 2.2% more cigarettes and Heated Tobacco units, for a grand total of 193.6bn.
"As a result of our strong year-to-date delivery, we are raising our full-year growth outlook for adjusted diluted
EPS to a range of 10.0% to 10.5%, excluding currency," Olczak added.