Marlboro Maker Philip Morris Clocks 2.1% Revenue Growth In Q1

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  • Philip Morris International Inc PM reported first-quarter FY22 sales growth of 2.1% year-on-year to $7.75 billion, beating the consensus of $7.43 billion.
  • Cigarette and heated tobacco unit shipment volume rose by 3.5% Y/Y, with 8.3% growth in the Middle East & Africa.
  • Marlboro cigarette shipment volume increased 6.7%mainly driven by PMI Duty-Free, the Philippines, Russia, Spain, and Turkey. Chesterfield shipment volume jumped 22.3%, and Sampoerna A saw an 11.7% hike.
  • Adjusted operating margin for the quarter compressed from 46.0% to 43.1%, with $3.3 billion in adjusted operating income.
  • Adjusted EPS was $1.56, and pro forma Adjusted EPS was $1.46.
  • The company held $4.6 billion in cash and equivalents as of March 31, 2022.
  • "The recent months have been an extremely challenging time for many in the PMI family given the war in Ukraine," said CEO Jacek Olczak.
  • Outlook: Philip Morris expects FY22 pro forma adjusted EPS of $5.35 - $5.46 and pro forma adjusted EPS, ex-currency, of $5.98 - $6.09.
  • It sees pro forma Q2 adjusted EPS of $1.19 - $1.24, reflecting low single-digit pro forma net revenue growth on an organic basis.
  • Price Action: PM shares are trading higher by 0.11% at $103.16 in premarket on the last check Tuesday.
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Posted In: EarningsNewsGuidanceGeneralBriefs
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