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Management reported a strong Q2 with solid performance from core tobacco and impressive growth from smokeless products. The cigarette business remains in a long-term downtrend.
Philip Morris International (PM) shares rose Tuesday to their highest level in more than two years after the tobacco giant posted better-than-expected results and raised its full-year outlook on growing demand for its smokeless products.
Philip Morris' (PM) second-quarter 2024 results reflect continued strength in pricing and the company's smoke-free business. Management raises guidance despite adverse currency fluctuations.
Philip Morris International Inc. (NYSE:PM ) Q2 2024 Results Conference Call July 23, 2024 9:00 AM ET Company Participants James Bushnell - VP, IR, and Financial Communications Emmanuel Babeau - Chief Financial Officer Conference Call Participants Gaurav Jain - Barclays Bonnie Herzog - Goldman Sachs Matt Smith - Stifel Faham Baig - UBS Owen Bennett - Jefferies Callum Elliott - Bernstein Priya Ohri-Gupta - Barclays Operator Good day, and thank you for standing by. Welcome to the Philip Morris International Inc. 2024 Second Quarter Results Conference Call.
Philip Morris International pushed the test-launch of its heated tobacco device, IQOS, in the U.S. to the fourth quarter on Tuesday and lowered its annual forecast for the heated tobacco business.
Here is how Philip Morris (PM) and Vital Farms (VITL) have performed compared to their sector so far this year.
While the top- and bottom-line numbers for Philip Morris (PM) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Philip Morris (PM) came out with quarterly earnings of $1.59 per share, beating the Zacks Consensus Estimate of $1.55 per share. This compares to earnings of $1.60 per share a year ago.
PM's smokeable portfolio is less susceptible to the trends underlying the cigarette volume declines. The Company delivered impressive growth of its smoke-free portfolio and is set to reach its 2030 Vision. I don't see a strong upside through multiple appreciation in the short term. However, PM's long-term owners are highly likely to benefit greatly.
Philip Morris (NYSE: PM) is scheduled to report its Q2 2024 results on Tuesday, July 23. We expect the company to post revenue and earnings marginally below the consensus estimates.