Philip Morris International Raises 2024 Earnings Outlook, Expects Growth Despite Currency Impact

Comments
Loading...
Zinger Key Points

Philip Morris International Inc PM revised its 2024 full-year for currency-only earnings per share forecast on Tuesday.

For currency only, the company projects reported earnings per share of $5.77 to $5.89 (prior view: $5.70 to $5.82) at prevailing exchange rates. 

Excluding a total 2024 adjustment of 49 cents per share, the forecast range for adjusted diluted earnings per share is $6.26 to $6.38 versus the analyst consensus estimate of $6.30 (prior view: $6.19 to $6.31). The metric represents a projected increase of 4.2% to 6.2% versus $6.01 earnings per share in 2023.

Excluding an adverse currency impact, at prevailing exchange rates, of $0.29 per share, this continues to represent growth of 9% to 11%.

However, other company assumptions that were announced while reporting first-quarter results remain the same.

For FY24, the company sees net revenue growth of 7% to 8.5% on an organic basis, with organic operating income growth of 10% to 12%.

Philip Morris had projected net financing costs of approximately $1.3 billion to $1.4 billion for FY24, with an effective tax rate of 21% to 22%. This excludes discrete tax events.

For full-year 2025 through 2028, Philip Morris estimates an annual impact of approximately $555 million on a pre-tax basis.

Overall, the company said it continues to expect strong first-half results. As announced in its April 23 earnings release, the company expects second-quarter adjusted EPS of $1.50 to $1.55 versus $1.56 estimate, including an estimated adverse currency impact of 14 cents at prevailing exchange rates.

Price Action: PM shares are trading higher by 0.48% to $103.45 at last check Tuesday.

Read Next: Chewy Impresses With Strong Q1 Results; Analysts Envision Stabilized Customer Growth And Enhanced Profitability Ahead

PM Logo
PMPhilip Morris International Inc
$158.420.21%

Stock Score Locked: Want to See it?

Benzinga Rankings give you vital metrics on any stock – anytime.

Reveal Full Score
Edge Rankings
Momentum94.96
Growth47.52
Quality-
Value17.73
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs

Posted In: