Financial Data and Key Metrics Changes - The company reported excellent organic revenue growth of +11.6%, driven by shipment volume growth of +2.9%, positive smoke-free category mix, and pricing [6][7] - Adjusted diluted earnings per share grew by +18.0% in currency-neutral terms, despite an unfavorable currency impact of $0.06 [6][7] - Year-to-date, adjusted diluted earnings per share growth reached +17.2% in currency-neutral terms, with double-digit organic top-line growth [8] Business Line Data and Key Metrics Changes - Smoke-free net revenues and gross profit grew organically by +16.8% and +20.2% respectively, driving 200 basis points of gross margin expansion [9] - Combustible net revenue and gross profit growth accelerated to almost +9% organically, with gross margins improving by +10 basis points [10] - The oral smoke-free business saw Q3 shipment volumes grow by +22.2%, with ZYN powering U.S. growth of +41.4% [12] Market Data and Key Metrics Changes - In Japan, adjusted HTU IMS growth was +14%, reaching 10.9 billion units on a four-quarter moving average, with a market share increase to 29.8% [19] - In Europe, adjusted IMS growth reaccelerated to +11.3%, with notable growth in markets like Italy, Greece, and Romania [17] - The U.S. nicotine pouch market saw ZYN's category share stabilize and then resume growth, with shipments expected to match consumer demand in Q4 [21][22] Company Strategy and Development Direction - The company is focused on expanding its smoke-free product portfolio, with IQOS generating over $10 billion in annual net revenues and significant growth potential [15][16] - The strategy includes increasing production capacity for ZYN in response to strong demand, with a target of around 900 million cans for 2025 [22] - The company is committed to sustainability, aiming for carbon neutrality in operations and increasing access to smoke-free products in low and middle-income countries [33][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance, raising full-year guidance for volume, organic sales growth, and adjusted diluted EPS growth to +14% to +15% [36][34] - The company anticipates robust growth in Q4, despite a challenging top-line comparison, and plans to increase commercial investments behind smoke-free brands [37] - Management highlighted the importance of addressing illicit trade and maintaining strong governance and supply chain controls [24] Other Important Information - The company raised its dividend for the 17th consecutive year, reflecting a strong cash generation profile [39] - The divestment of Vectura Group is expected to close by the end of the year, allowing the company to focus on its inhaled therapeutics pipeline [28] Q&A Session Summary Question: IQOS volume trajectory and East Asia performance - Management noted that adjusted in-market sales for IQOS showed a reacceleration, particularly in Japan and Europe, despite shipment volume deceleration [40][41][42] Question: ZYN supply constraints and market share recovery - Management confirmed that supply levels for ZYN are expected to meet consumer demand in Q4, with gradual recovery of market share anticipated [46][47] Question: International cigarette market pricing and volume outlook - Management refrained from commenting on 2025 but acknowledged strong volume growth and pricing in 2024, with no significant excise tax hikes currently anticipated [49][51] Question: E-cigarette revenue run rate and profitability - Management confirmed the conversion factor for e-cigarettes and acknowledged that the revenue run rate is in line with expectations, though specific revenue figures were not disclosed [52] Question: Vaping market adoption and illicit trade measures - Management stated that vaping adoption is not accelerating significantly and emphasized the company's commitment to combating illicit trade through various measures [56][57]

Philip Morris International Inc. (PM) posted strong third-quarter 2024 results, wherein both top and bottom lines increased year over year and beat the Zacks Consensus Estimate. Results were fueled by robust momentum across all regions and product categories, including enhanced IQOS-adjusted in-market sales growth, solid ZYN volumes and resilience in the combustible unit.Driven by a solid year-to-date show, this Zacks Rank #2 (Buy) company raised its full-year 2024 adjusted earnings per share (EPS) guidance ...

Philip Morris (PM) reported $9.91 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 8.4%. EPS of $1.91 for the same period compares to $1.67 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $9.57 billion, representing a surprise of +3.55%. The company delivered an EPS surprise of +4.37%, with the consensus EPS estimate being $1.83.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and ...

able | Third Quarter 2024 Earnings Presentation October 22, 2024 Safe Harbor & Non-GAAP Measures Except for historical information contained herein, the matters set forth in this presentation are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company's ability to successfully implement its manufacturing operations strategy and supp ...

Quarterly reports from Dow component 3M Co (NYSE:MMM) and Philip Morris International Inc. (NYSE:PM) are in focus this morning. Both companies surpassed earnings and revenue expectations for the third quarter, and the latter lifted its annual outlook. MMM is up 5% in premarket trading, looking to open at a fresh two-year high of $141.60. The stock is also looking to snap a three-day losing streak as it bounces off support at the 40-day moving average. Shares already boast a 47.5% year-to-date lead, and coul ...

Philip Morris (PM) came out with quarterly earnings of $1.91 per share, beating the Zacks Consensus Estimate of $1.83 per share. This compares to earnings of $1.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.37%. A quarter ago, it was expected that this seller of Marlboro and other cigarette brands would post earnings of $1.55 per share when it actually produced earnings of $1.59, delivering a surprise of 2.58%.Over the ...

Exhibit 99.2 | --- | |---------------------------------------------------------------------------------| | | | Philip Morris International Inc. | | Glossary of Key Terms, Definitions and Explanatory Notes; and | | Select Financial Information and Reconciliations of Non-GAAP Financial Measures | | 2024 Third-Quarter Results October 22, 2024 | | 1 | Glossary of Key Terms, Definitions and Explanatory Notes 2 General • "PMI" refers to Philip Morris International Inc. and its subsidiaries. Trademarks and service ...

Since I last wrote about the tobacco giant Philip Morris (NYSE: PM ) in August, its price hasn't budged. This isn't a surprise, though. Even at the time, its forward non-GAAP price-to-earnings (P/E) ratio was high, indicating the risk associated with a short-term investment in the stock.Manika is a macroeconomist with over 20 years of experience in industries including investment management, stock broking, investment banking. She also runs the profile Long Term Tips [LTT], which focuses on the generational ...

Philip Morris International Inc. (PM) is likely to register top and bottom-line growth when it reports third-quarter 2024 earnings on Oct. 22. The Zacks Consensus Estimate for net sales is pegged at $9.57 billion, suggesting an increase of 4.7% from the prior-year quarter’s reported figure. The consensus mark for third-quarter earnings has remained unchanged in the past 30 days at $1.83 per share, indicating a rise of 9.6% from the figure reported in the year-ago quarter. PM has a trailing four-quarter earn ...

This account is managed by Noah's Arc Capital Management. Our goal is provide Wall Street level insights to main street investors. Our research focus is mainly on 20th century stocks (old economy) undergoing a 21st century transformation, but occasionally we'll write on companies that help transform 20th century firms as well. We look for innovations in a business model that will cause a stock to change dramatically. Associated with SA contributors Thomas Potter and Elijah Buell.Analyst’s Disclosure: I/we h ...