Philip Morris International Reaffirms 2024 7 - 9% Earnings Forecast

Philip Morris International Inc. (PMI) has reaffirmed its 2024 full-year forecast for reported diluted earnings per share (EPS) and adjusted diluted EPS, representing currency-neutral growth of 7% to 9%. The company's CEO, Jacek Olczak, and CFO, Emmanuel Babeau, addressed investors at the 2024 Consumer Analyst Group of New York (CAGNY) conference, emphasizing PMI's progress toward becoming a substantially smoke-free business by 2030 and the science demonstrating the benefits of smoke-free products.

PMI's strong financial and non-financial performance was highlighted, along with the success of the company's multi-category portfolio with leading premium brands in heat-not-burn and oral nicotine. Additionally, the company discussed the first anniversary of its successful combination with Swedish Match, including progress on integration and a planned strategic review of the U.S. cigar business.

Regarding financials, PMI reaffirmed its 2024 full-year reported diluted EPS forecast of $5.90 to $6.02, excluding certain adjustments and an unfavorable currency impact. This represents a projected currency-neutral increase of 7% to 9% versus adjusted diluted EPS of $6.01 in 2023. The company's shares have moved 0.8%, and are now trading at a price of $90.34.

The company's full 8-K submission is available here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.