The earnings call reflected a positive sentiment overall, with strong growth in smoke-free products like IQOS and ZYN, record organic revenue growth, and increased guidance for the full year. Despite some challenges such as currency headwinds and supply constraints for ZYN, the company demonstrated robust financial performance and commitment to sustainability goals.

Company Guidance

During the Philip Morris International Inc. 2024 Third Quarter Results Conference Call, the company provided extensive guidance for the remainder of the year. The guidance highlighted a robust performance with organic revenue growth of 11.6%, driven by a 2.9% increase in shipment volume, particularly from smoke-free products like IQOS and ZYN. The adjusted diluted earnings per share saw an 18% growth in currency-neutral terms, despite a $0.06 unfavorable currency impact. The company's strong performance was attributed to a 14.8% increase in HTU-adjusted IMS volume for IQOS, and over 40% year-on-year growth in ZYN's U.S. volumes. Philip Morris also raised their full-year guidance, projecting organic net revenue growth of approximately 9.5% and currency-neutral adjusted diluted EPS growth of 14% to 15%, with a robust operating cash flow expectation of around $11 billion. The company continues to focus on smoke-free product expansion, aiming for a full-year HTU shipment volume of around 140 billion units.

Strong Growth in Smoke-Free Products

IQOS and ZYN accelerated sequentially with IQOS delivering a significant step-up in HTU-adjusted IMS volume, close to 15% ahead versus the prior year. ZYN U.S. volumes increased over 40% year-on-year, and nicotine pouch volumes outside the U.S. grew by close to 70%.

Record Organic Revenue Growth

The company delivered organic revenue growth of 11.6% driven by a shipment volume growth of 2.9%, positive smoke-free category mix, and pricing.

Adjusted Earnings Per Share Growth

Adjusted diluted earnings per share grew by 18% in currency-neutral terms and 14.4% in dollar terms to a record $1.91, despite currency headwinds.

Increased Full-Year Guidance

The company raised its full-year guidance for organic sales growth, organic operating income growth, and currency-neutral adjusted diluted EPS growth to 14% to 15%.

Sustainability Efforts

Continued strong progress towards sustainability targets with smoke-free products now available in 92 markets and operational carbon neutrality certifications for 52% of manufacturing sites.

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Philip Morris (PM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

PM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 19, 2018	2018 (Q2)	- / 1.41	1.14	23.68% (+0.27)	―	―
Oct 18, 2018	2018 (Q3)	- / 1.44	1.27	13.39% (+0.17)	―	―
Feb 07, 2019	2018 (Q4)	- / 1.25	1.32	-5.30% (-0.07)	―	―
Apr 18, 2019	2019 (Q1)	- / 1.09	1	9.00% (+0.09)	―	―
Jul 18, 2019	2019 (Q2)	- / 1.46	1.41	3.55% (+0.05)	―	―
Oct 17, 2019	2019 (Q3)	- / 1.43	1.44	-0.69% (-0.01)	―	―
Feb 06, 2020	2019 (Q4)	- / 1.22	1.25	-2.40% (-0.03)	―	―
Apr 21, 2020	2020 (Q1)	- / 1.21	1.09	11.01% (+0.12)	―	―
Jul 21, 2020	2020 (Q2)	- / 1.29	1.46	-11.64% (-0.17)	―	―
Oct 20, 2020	2020 (Q3)	- / 1.42	1.43	-0.70% (-0.01)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 22, 2024	$117.65	$129.97	+10.47%
Jul 23, 2024	$104.86	$107.15	+2.18%
Apr 23, 2024	$90.81	$94.29	+3.83%
Feb 08, 2024	$87.08	$84.76	-2.66%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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