Philip Morris Beats On Q2 Earnings; Lifts FY21 Adjusted EPS Guidance - Philip Morris Intl (NYSE:PM)

Philip Morris International Inc PM reported second-quarter FY21 net revenue growth of 14.2% year-on-year to $7.59 billion and adjusted net revenues growth of 17.9% to $7.84 billion, versus the analyst consensus of $7.67 billion.
Cigarette and heated tobacco unit shipment volume up by 6.1% Y/Y, with 12.7% growth in the Middle East & Africa.
Sales from smoke-free products accounted for 29.0% of total adjusted net sales.
Cigarette shipment for Marlboro increased 6.7%, mainly driven by Italy and Sampoerna A saw a 26.6% hike.
Total international market share for cigarettes fell 1.3 points Y/Y to 23.8%.
The adjusted operating margin for the quarter was 44.1%, with $3.5 billion in adjusted operating income.
Adjusted EPS of $1.57 beat the analyst consensus of $1.55.
The company held $4.92 billion in cash and equivalents as of June 30, 2021.
Outlook: The company raised FY21 adjusted EPS, excluding currency, to $5.79-$5.89 from $5.75-$5.85 against the consensus estimate of $6.10.
It lowered Reported EPS outlook to $5.76 to $5.86 from the prior outlook of $5.93 to $6.03. Adjusted EPS is expected to be $5.97 to $6.07, versus the previous outlook of $5.95 to $6.05.
It currently expects organic net revenue growth of 6% to 7%.
Price action: PM shares are trading higher by 0.58% at $98.50 in premarket on the last check Tuesday.