- 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.
Piper Sandler Maintains Overweight on EPAM Sys, Lowers Price Target to $381
Piper Sandler analyst Arvind Ramnani maintains EPAM Sys (NYSE:EPAM) with a Overweight and lowers the price target from $403 to $381.
