Summary by Moomoo AI
Philip Morris International reported strong Q2 2024 results with net revenues up 5.6% to $9.5B and net earnings surging 53.4% to $2.4B. Smoke-free products accounted for 38.1% of total revenues, with 36.5 million estimated adult users, up by 3.2 million since December 2023. HTU shipment volume grew 13.1% to 35.5 billion units.The company's IQOS performance was particularly strong in Japan, where HTU market share increased by over 3 percentage points to 29%, while ZYN nicotine pouches in the U.S. saw 50.3% volume growth to 135.1 million cans. Adjusted operating income increased by 12.5% organically, driven by favorable pricing and volume mix.Based on the strong performance, PMI raised its full-year 2024 guidance, now projecting adjusted diluted EPS of $6.33-$6.45, representing organic growth of 11-13% excluding currency impacts. The company expects HTU shipment volumes of around 140 billion units and U.S. nicotine pouch shipments of 560-580 million cans for the full year.
