PMI releases results for Q2

Philip Morris International Inc. (PMI) has released its second quarter results for 2021 with net revenues up 3.1 per cent and heated tobacco unit shipment volume up by 7.7 per cent, according to PMI’s press release.

PMI has reported another strong quarter with net revenues up 3.1 per cent to USD 7.8 billion compared to the first quarter in 2021. The operating income lies at USD 3.1 billion, which is down by 2.3 per cent compared to the previous year. In the cigarette and heated tobacco sector, PMI sold a total of 182.5 billion units worldwide during the second quarter of 2022, which was 1.1 per cent more than in 2021. This reflects higher heated tobacco unit shipment volume across the EU, notably in Italy and Poland, partly offset by lower cigarette shipment volume, mainly in France and Spain, partially offset by Poland. The number of cigarettes shipped slightly increased by 1.1 per cent from 156.1 billion sticks to 157.7 billion sticks, the amount of heated tobacco units continued to increase by 1.9 per cent from 24.4 billion to 24.8 billion units. Net revenues from smoke-free products accounted for 29.9 per cent of total net revenues, or 29.1 per cent on a pro forma basis.
On May 11, 2022, Philip Morris Holland Holdings B.V. (PMHH), an affiliate of PMI, announced a recommended public offer to the shareholders of Swedish Match AB (Swedish Match) to tender all shares in Swedish Match (excluding treasury shares) to PMHH at a price of SEK 106 in cash per share.
PMI expects the transaction to close in the fourth quarter of this year, subject to Swedish Match shareholder acceptance and all necessary regulatory and other approvals.
“First and foremost, the war in Ukraine continues to deeply affect the lives of our employees and families in the region,” said Jacek Olczak, Chief Executive Officer. “My first priority is to give them the help they need and as a company we are focused on doing our utmost to support them throughout this conflict.”
“Turning to our results, our strong underlying performance continued in the second quarter, with top- and bottom-line growth exceeding our initial expectations. This reflected excellent IQOS momentum, including accelerating growth in pro forma total IQOS users and heated tobacco unit in-market sales volume, as well as favourable cigarette category trends.”
“We are raising our outlook for the full year and now expect to deliver pro forma adjusted growth in net revenues of 6 per cent to 8 per cent, on an organic basis, and diluted EPS of 10 per cent to 12 per cent, excluding currency, underpinned by pro forma heated tobacco unit shipment volume of 90 to 92 billion units.”
“Building on our excellent financial results in 2021, this year’s outlook puts us well on track to comfortably exceed our minimum compound annual net revenue and adjusted diluted EPS growth targets for 2021 to 2023 on a pro forma basis,” Olczak concluded.

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