- Philip Morris International Inc (NYSE:PM) reported first-quarter FY22 sales growth of 2.1% year-on-year to $7.75 billion, beating the consensus of $7.43 billion.
- Cigarette and heated tobacco unit shipment volume rose by 3.5% Y/Y, with 8.3% growth in the Middle East & Africa.
- Marlboro cigarette shipment volume increased 6.7%, mainly driven by PMI Duty-Free, the Philippines, Russia, Spain, and Turkey. Chesterfield shipment volume jumped 22.3%, and Sampoerna A saw an 11.7% hike.
- Adjusted operating margin for the quarter compressed from 46.0% to 43.1%, with $3.3 billion in adjusted operating income.
- Adjusted EPS was $1.56, and pro forma Adjusted EPS was $1.46.
- The company held $4.6 billion in cash and equivalents as of March 31, 2022.
- "The recent months have been an extremely challenging time for many in the PMI family given the war in Ukraine," said CEO Jacek Olczak.
- Outlook: Philip Morris expects FY22 pro forma adjusted EPS of $5.35 - $5.46 and pro forma adjusted EPS, ex-currency, of $5.98 - $6.09.
- It sees pro forma Q2 adjusted EPS of $1.19 - $1.24, reflecting low single-digit pro forma net revenue growth on an organic basis.
- Price Action: PM shares are trading higher by 0.11% at $103.16 in premarket on the last check Tuesday.
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Marlboro Maker Philip Morris Clocks 2.1% Revenue Growth In Q1
PM
Philip Morris
PMI
Jacek Olczak
NYSE
Philip Morris International Inc
Chesterfield
Middle East
Philippines
Russia
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