Phillip Morris International Inc. (PMI) has reported its adjusted operating income increased by 9.8 per cent, its adjusted net revenues by 8.3 per cent and its total shipment volume of cigarettes and heated tobacco units (HTUs) by 0.9 per cent, in PMI's second-quarter results.

Even though PMI’s cigarette shipment volume of 190.7 billion units was down by 2.8 billion units or 1.5 per cent, PMI’s total shipment volume increased, according to PMI’s second-quarter report. The shipment volume growth was primarily driven by the HTU category and cigarette volume growth in the Middle East and Africa, South and South East Asia and East Asia and Australia.
The report said the increase in the adjusted operating income and adjusted net revenues reflects a flavourable pricing variance and volume/mix.
André Calantzopoulos, CEO, commented on the second-quarter results, saying, “Our second-quarter earnings highlight the fundamental strength of our business, with positive total volume growth, currency-neutral net revenue growth of more than 8 per cent, driven by higher pricing from our combustible product portfolio, and close to double-digit growth in ex-currency operating income.”