Philip Morris raises FY profit guidance on strong Q3 sales

philip morris dl altria cigarettes italy smoking health — Philip Morris workers at manufacturing plant in Bologna, ItalyPhilip Morris International (PMI)

Tobacco giant Philip Morris raised its full-year profit guidance on Tuesday on the back of strong Q3 sales of its Zyn and IQOS products in the US.

Philip Morris International Inc.

$129.75

08:25 22/10/24

9.07%

$10.79

Philip Morris said net revenues from its combustibles unit rose by 5.2% in the three months ended 30 September, while global shipments of its Zyn nicotine pouch surged 41.4% to 149.1m thanks to easing supply chain bottlenecks and increased demand.

Total net revenue was up 8.4% at $9.9bn, while shipping volumes increased 2.9% to 203.0bn units in Q3 and gross profits improved 9.5% to $6.5bn.

As a result, the Marlboro maker now anticipates full-year adjusted diluted earnings per share to grow by 14-15% in 2024, up from previous guidance for an increase of 11-13%. FY earnings were forecast to be in the range of $6.45 to $6.51 per share.

As of 1310 BST, Philip Morris shares were up 3.10% in pre-market trading at $122.65 each.

Reporting by Iain Gilbert at Sharecast.com