Philip Morris International Inc. (PMI) has released its third quarter results for 2021 with net revenues up 9.1 per cent and a continually strong performance from IQOS, according to PMI’s press release.

PMI has reported another strong quarter with net revenues up 9.1 per cent to USD 8.1 billion compared to the third quarter in 2020. The operating income lies at USD 3.5 billion, which is up by 6.5 per cent. In the cigarette and heated tobacco sector, PMI sold a total of 188.3 billion units worldwide during the third quarter of 2021, which was 2.1 per cent higher than in 2020.
The amount of heated tobacco units increased notably by 23.8 per cent from 19 billion to 23.5 billion units. However, the number of cigarettes shipped decreased by 0.4 per cent to 164.8 billion sticks.
"Our business delivered another strong quarterly performance, coming ahead of our expectations with adjusted diluted EPS of USD 1.58, representing growth of 8.5 per cent, excluding currency," said Jacek Olczak, Chief Executive Officer.
"The continued excellent performance of IQOS drove total shipment volume and organic net revenue growth of 2.1 per cent and 7.6 per cent, respectively, and was complemented by further sequential share gains for our combustible products."
"Today, we are reaffirming our strong growth outlook for 2021, with an adjusted diluted EPS forecast toward the upper-half of our previous range and representing currency-neutral growth of 13 per cent to 14 per cent despite ongoing tightness in device supplies due to the global shortage of semiconductors, which impacts our ability to fulfil consumer demand for IQOS."
"We confirm our confidence in our 2021 to 2023 growth targets, despite device constraints that could persist into the first half of 2022, with temporarily lower IQOS user growth rates."