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PMI full year results

07 Feb 2020. Philip Morris International Inc. (PMI) has just released fourth-quarter and 2019 full-year results with a reported Diluted EPS Growth of 9.9 per cent, according to PMI’s press release.

PMI’s full year report shows recorded net revenues of USD 29.8 billion for 2019. Excluding excise taxes, the company’s net revenues were USD 30.7 billion, an increase of 0.6 per cent from 2018 and up 6.4 per cent on a like-for-like basis excluding currency.

The report also shows a decline in cigarette and heated tobacco unit shipment volume which decreased by 2.0 per cent from the previous year to reach 766.4 billion units. This reflects the cigarette shipment volume which was down by 4.5 per cent whereas the heated tobacco unit shipment was up by 44.2 per cent to reach 59.7 billion units. The market share of heated tobacco units in IQOS markets (excluding the US) were up by 1.4 points to 5 per cent.

PMI’s international market share, which does not include China and the United States, was down 0.1 per cent to reach 28.4 per cent, according to the report.

The company full-year report also included the operating income which was down by 7.4 per cent compared to 2018 to reach USD 10.5 billion. The operating income excluding currency and acquisitions lies at USD 10.8 billion, a decline of 4.9 per cent.

André Calantzopoulos, Chief Executive Officer, commented on the results: "2019 marked a year of strong underlying business performance for PMI, driven by broad-based growth for IQOS and solid pricing for our combustible tobacco portfolio, with like-for-like adjusted diluted EPS up by 9.9 per cent, excluding currency.

"We continue to make significant progress in the transformation of our business, with smoke-free products now accounting for 8 per cent of shipment volume and nearly one-fifth of net revenues, while further demonstrating our ability to maintain combustible tobacco leadership internationally, as evidenced by Marlboro’s full-year cigarette share of 10 per cent - an all-time high."