Philip Morris Reports Strong Q2 Earnings, Raises FY24 EPS Forecast on 50.3% Zyn Sales Growth

Jul 23, 2024, 11:19 AM

Philip Morris International reported strong Q2 2024 earnings, with an adjusted EPS of $1.59, exceeding the estimated $1.56. The company's revenue reached $9.47 billion, surpassing the forecasted $9.13 billion. Volume increased by 2.8%, including a 0.4% rise in cigarette sales and a 13.1% growth in heated tobacco units (HTU). The U.S. market saw a significant 50.3% increase in Zyn nicotine pouch sales, with 135.1 million cans sold. Total revenues grew by 9.6% organically and 5.6% as reported, while EBIT rose by 12.5% organically and 34.2% as reported. The company raised its FY24 adjusted EPS forecast to $6.33-$6.45, implying an 11-13% growth excluding currency effects, up from the previous 9-11% growth estimate. Philip Morris has a market cap of $166.68 billion and its stock rose 2% pre-market.