Philip Morris raises FY24 EPS view to $6.45-$6.51 from $6.33-$6.45

Consensus $6.41. The forecast assumes: Total cigarette, HTU and oral smoke-free product shipment volume growth for PMI of 2% to 3% driven by smoke-free products; HTU adjusted IMS to deliver around 13% growth for the full year, and HTU shipment volumes of around 140 billion units; Nicotine pouch shipment volume in the U.S. of 570 to 580 million cans; Net revenue growth of around 9.5% on an organic basis; Organic operating income growth of 14% to 14.5%; An acceleration in organic smoke-free net revenue and gross profit growth compared to 2023; Capital expenditures of around $1.4 billion, including further investments in ZYN capacity in the U.S..