Philip Morris International Reaffirms 2024 7 - 9% Earnings Forecast

By Tamara Parker • Wednesday, February 21 11:53 • Permanent Link

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.

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