- Philip Morris International Inc (NYSE:PM) reported a first-quarter FY23 sales increase of 3.5% year-on-year to $8.02 billion, missing the analyst consensus estimate of $8.11 billion.
- Cigarette and Heated Tobacco unit shipment volume in Q1 fell by 1.1% Y/Y, reflecting a 3.1% decline in cigarette shipments.
- Marlboro cigarette shipment volume decreased by 2.4%.
- Revenue from smoke-free products accounted for 34.9% of total net revenues.
- Adjusted operating margin for the quarter compressed from 43.6% to 37.3%, with $3 billion in adjusted operating income.
- Adjusted EPS of $1.38 beat the consensus of $1.34.
- The company held $2.4 billion in cash and equivalents as of March 31, 2023.
- Following the termination of a distribution arrangement in the Middle East, PMI recorded a pre-tax charge of $80 million in Q1.
- Outlook: Philip Morris expects FY23 adjusted EPS of $6.10 – $6.22 versus an estimate of $6.34.
- It sees FY23 organic revenue growth of 7% – 8.5%.
- Price Action: PM shares are trading lower by 4.96% at $96.48 on the last check Thursday.
- Photo via Wikimedia Commons
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