Philip Morris International (NYSE: PM) reported financial results for the first quarter of fiscal 2024 that exceeded analysts’ expectations and provided positive guidance for the full year. The tobacco industry giant reported quarterly earnings per share (EPS) of $1.50, surpassing the analysts’ estimate of $1.41. Revenue stood at $8.79 billion for the quarter, exceeding the consensus projection of $8.46 billion. The adjusted operating income margin improved to 38.2% from 37.3% in the same quarter last year. Looking ahead, the company has updated guidance for the full year 2024, expecting an adjusted EPS range of $6.55 to $6.67, which is above the consensus estimate of $6.37. The company’s CEO, Jacek Olczak, expressed confidence in the company’s performance, stating that the strength of the first-quarter results, with excellent top-line growth and significant margin expansion, gives the company confidence to raise its 2024 currency-neutral guidance. He also highlighted the strong momentum in the smoke-free segment, with rapid underlying volume progression and accelerating organic net revenue and gross profit growth, fueled by the operating leverage of IQOS and the best-in-class economics of ZYN.
Philip Morris International Reports Strong Q1 Results, Raises Full-Year Outlook
