- Marlboro-maker Philip Morris International Inc (NYSE:PM) reported second-quarter FY22 sales growth of 3.1% year-on-year, to $7.83 billion, beating the analyst consensus of $6.67 billion.
- Cigarette and heated tobacco unit shipment volume in Q2 rose by 1.1% Y/Y, with 15.7% growth in the Middle East & Africa.
- Marlboro cigarette shipment volume increased 7.2%, mainly driven by PMI Duty-Free, Russia, and Turkey. Chesterfield shipment volume jumped 19.7%, and Sampoerna A saw a 6.5% hike.
- Pro forma total IQOS users at Q2 end was about 19 million, a 20.5% rise Y/Y.
- Revenue from smoke-free products accounted for 29.9% of total revenue.
- Adjusted operating margin for the quarter compressed from 44.3% to 41.2%, with $3.2 billion in adjusted operating income.
- Adjusted EPS of $1.32 beat the consensus of $1.25.
- The company held $5 billion in cash and equivalents as of June 30, 2022.
- Outlook: Philip Morris expects FY22 pro forma adjusted EPS of $5.23 – $5.34 and pro forma adjusted EPS, ex-currency, of $6.09 – $6.20, versus the estimate of $5.45.
- Price Action: PM shares are trading higher by 2.42% at $92.00 in premarket on the last check Thursday.
Investor Optimism Improves After Dow Snaps 4-Week Losing Streak
The CNN Money Fear and Greed index showed an improvement in overall sentiment among US investors.
US stocks moved higher on Friday as Treasury yields fell from their recent highs after investors digested comments from the Federal Reserve officials. The Dow Jones added around 1.75% last week, snapping a four-week losing streak.
