Third-Quarter Revenues up at PMI

Philip Morris International reported net revenues of $9.91 billion for the third quarter of 2024, up from $9.41 billion in the comparable 2023 quarter.

“We delivered exceptionally strong performance, with record quarterly net revenues and earnings per share,” said PMI CEO Jacek Olczak in a statement.

 “This reflects excellent momentum across all regions and categories, with a reacceleration in IQOS adjusted in-market sales growth, strong Zyn volumes, and resilient combustible performance.

“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 14 percent to 15 percent, excluding currency.”

Quarterly shipments of smoke-free products reached about 40 billion units. The smoke-free business accounted for 38 percent of PMI’s total net revenues and 40 percent of gross profit, up by 1.9 percentage points and 2.2 percentage points, respectively. Net revenues increased by 14.2 percent and gross profit increased by 15.9 percent.

Oral smoke-free shipment volume increased by 24.7 percent in cans (22.2 percent in pouches or pouch equivalents), fueled by Zyn growth in the U.S., where shipments reached 149.1 million cans, an increase of 41.4 percent compared to the prior year. Outside the U.S., nicotine pouch volume in cans grew by about 70 percent, with notable contributions from Pakistan and South Africa.

Combustible net revenues grew by 5.2 percent. Both PMI’s global brands portfolio and Marlboro achieved their highest quarterly market shares since the 2008 spin-off.

The regular quarterly dividend increased by 3.8 percent to $1.35 per share, or an annualized $5.40 per share.