PMI Presents at Deutsche Bank Conference

Philip Morris International (PMI) says it is on-track to deliver second quarter reported diluted earnings per share toward the upper end of its previously communicated range of $1 to $1.10. The forecast includes an unfavorable currency impact, at prevailing exchange rates, of approximately $0.07 per share compared to an unfavorable impact of approximately $0.12 per share communicated previously.

The forecast assumes a currency-neutral net revenue decline—wholly attributable to Covid-19-related factors—around the high end of the company’s previously communicated decline range of 8 percent to 12 percent.

According to PMI, this primarily reflects industry cigarette volume declines at the high end of the company’s initial estimates due to stricter or longer lockdowns in certain Latin America and EU markets during April and May. PMI has observed, however, better-than-anticipated IQOS performance and, in recent weeks, signs of recovery for combustible products.

The forecast also assumes no disruption in the company’s ability to supply its customers based on its current operations and inventory levels.

PMI Chief Operating Officer Jacek Olczak and Chief Financial Officer Emmanuel Babeau address investors today at the Deutsche Bank Global Consumer Conference. An archived copy of the call will be available at http://www.pmi.com/2020deutschebank until 5 p.m. Eastern time on July 10, 2020.

The company will issue its 2020 second-quarter results on July 21.