Summary by Moomoo AI
Philip Morris International reported robust Q3 2024 results with net earnings rising 50% to $3.1 billion, while net revenues increased 8.4% to $9.9 billion. The strong performance was driven by favorable pricing and volume growth in smoke-free products, particularly ZYN nicotine pouches in the U.S. Operating income grew 8.4% to $3.7 billion, despite a $198 million impairment charge related to Vectura Group's expected sale.The company's smoke-free portfolio continued to show momentum, with heated tobacco unit shipment volume up 8.9% and oral products volume increasing 32.3%, led by ZYN nicotine pouches. Total cigarette and heated tobacco unit shipment volume rose 2.6% to 198.6 billion units. Net revenues from smoke-free products reached $3.8 billion, representing about 38% of total revenues.Looking ahead, PMI expects total 2024 shipment volume growth of 2-3% driven by smoke-free products, with ZYN nicotine pouch shipments in the U.S. projected at 570-580 million cans. The company announced plans to sell Vectura Group for approximately $201 million, with potential additional deferred payments of up to $198 million based on milestone achievements through 2039.
