• May 22, 2024

PMI Reports 2022 Third-Quarter Results

 PMI Reports 2022 Third-Quarter Results
Photo: Vitezslav Vylicil

Philip Morris International announced its 2022 third-quarter and September year-to-date results.

PMI reported a net revenue decline of 1.1 percent for the third quarter and an increase of 1.3 percent for the nine months year-to-date.

Net revenues from smoke-free products accounted for 30.1 percent of total net revenues, or 29.2 percent on a pro forma basis, for the third quarter. Market share for heated-tobacco units (HTUs) in IQOS markets were up by 1.3 points to 7.7 percent on a pro forma basis. Pro forma total IQOS users at quarter end were estimated at approximately 19.5 million (up by 3.6 million, or 22 percent, versus Sept. 30, 2021), of which approximately 13.5 million had switched to IQOS and stopped smoking. The company increased regular quarterly dividend by 1.6 percent to $1.27 per share, or an annualized rate of $5.08 per share.

For the nine months year-to-date, net revenues from smoke-free products accounted for 30.4 percent of total net revenues, or 29.6 percent on a pro forma basis. Market share for HTUs in IQOS markets was up by 1.2 points to 7.6 percent on a pro forma basis.

“We delivered very strong performance in the third quarter, driving quarterly adjusted diluted EPS of $1.53 per share despite pressures related to currency, the supply chain and inflation,” said PMI CEO Jacek Olczak in a statement.

“IQOS’ excellent momentum continued in the quarter, with heated-tobacco unit volume and share growth across all key geographies driven in part by ILUMA’s strong performance in initial launch markets. This was complemented by the robust performance of our combustible tobacco portfolio, reflecting essentially stable shipment volume, encouraging international market share growth and accelerated pricing.

“As a result of our strong year-to-date performance, we are raising the low end of our full-year pro forma growth outlook for adjusted net revenues, resulting in a range of 6.5 percent to 8 percent on an organic basis, and continue to expect full-year pro forma adjusted diluted EPS growth of 10 percent to 12 percent, excluding currency.”