Philip Morris International Inc. (PMI) has reaffirmed its 2024 full-year forecast for reported diluted earnings per share (EPS) to be between $5.89 and $6.01, with adjusted diluted EPS expected to be between $6.33 and $6.45. This represents currency-neutral growth of 11% to 13% compared to the adjusted diluted EPS of $6.01 in 2023.
The company's smoke-free products were available for sale in 90 markets as of June 30, 2024, and approximately 36.5 million adults around the world were estimated to be using PMI's smoke-free products. Furthermore, the smoke-free business accounted for approximately 38% of PMI’s total first-half 2024 net revenues.
In terms of the forecast, the adjusted diluted EPS for 2023 was $6.01, and the 2024 full-year forecast for adjusted diluted EPS, excluding currency impact, is expected to be between $6.67 and $6.79, representing an 11.0% to 13.0% increase.
It's worth noting that PMI has invested over $12.5 billion since 2008 to develop, scientifically substantiate, and commercialize innovative smoke-free products for adults with the goal of completely ending the sale of cigarettes. The company has also acquired Swedish Match, a leader in oral nicotine delivery, and aims to expand into wellness and healthcare areas through its Vectura Fertin Pharma business.
These figures and forecasts demonstrate PMI's commitment to its smoke-free future and its ongoing efforts to evolve its portfolio beyond traditional tobacco products. As a result of these announcements, the company's shares have moved 0.6% on the market, and are now trading at a price of $123.29. If you want to know more, read the company's complete 8-K report here.
