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Benzinga
Benzinga
Business
Shivani Kumaresan

Cigarette Maker Philip Morris Beats On Q4 Earnings; Provides Positive FY22 Forecast

  • Philip Morris International Inc (NYSE:PM) reported fourth-quarter FY21 sales growth of 8.9% year-on-year, to $8.10 billion, beating the analyst consensus of $7.76 billion.
  • Cigarette and heated tobacco unit shipment volume increased by 4.2% Y/Y, with 17.6% growth in the Middle East & Africa.
  • Marlboro shipment volume improved 8.9%. Shipment volume for Chesterfield increased 22.7%mainly driven by Brazil, the Philippines, and Russia.
  • Total international market share for cigarettes fell 0.9 points Y/Y to 23.8%.
  • Sales from smoke-free products accounted for 30.7% of total net sales.
  • The adjusted operating margin for the quarter contracted 160 basis points to 36.9%, with $2.99 billion in adjusted operating income.
  • Adjusted EPS of $1.35 beat the consensus of $1.33. Adjusted EPS, excluding currency, was $1.41.
  • The company held $4.49 billion in cash and equivalents as of December 31, 2021.
  • "We enter 2022 with strong fundamentals, underpinned by IQOS, and exciting innovation to come across our broader smoke-free product portfolio," said CEO Jacek Olczak.
  • Outlook: The company sees FY22 adjusted EPS, excluding currency, of $6.57 - $6.75, and Adjusted EPS of $6.12 - $6.30, against the consensus of $6.35.
  • The company expects FY22 organic net revenue growth of 4% - 6%.
  • Price Action: PM shares traded higher by 1.67% at $105.84 on the last check Thursday.
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