Feb 8 (Reuters) – Philip Morris International forecast 2024 profit below expectations and missed fourth-quarter estimates
on Thursday, as heated tobacco product sales disappointed and higher costs weighed on performance.
The company had earlier said that pressures on its margins should ease in the second half of 2023, as factors such as
increased use of third-party manufacturing in countries like Indonesia
and Ukraine faded.
However, fresh blows to margins emerged in the fourth quarter, including higher costs of marketing, energy and tobacco
leafs, as well as administrative expenses, sending its adjusted operating income margin down 2.8 percentage points to 33.7%.
Shares of PMI were down 2.3% in premarket trade.
Shipments of sticks for its flagship heated tobacco device
IQOS also fell short of analyst expectations, and PMI said they would be
hit again in 2024 due to a ban on heated tobacco flavors in the European Union.
The company’s total cigarettes and heated tobacco units (HTUs) shipment volumes dropped 0.5% in the fourth quarter, compared to a 2.2% increase in the third.
Philip Morris said it expected total cigarette, HTU and oral smoke-free product shipment
volumes to be flat or grow by up to 1% in 2024, mostly driven by smoke-free products.
It expects adjusted annual profit of between $6.32 and
$6.44 per share, while analysts were expecting $6.60 per share, LSEG data showed.
The downbeat forecast contrasts with that of rival Altria Group, which
last week projected 2024 profit in line with expectations. It is betting on higher cigarette prices and a shift to alternative nicotine products to cushion the blow
from declining demand for traditional tobacco products.
PMI reported fourth-quarter adjusted profit of $1.36 per share.
Analysts on average had expected a profit of $1.45. (Reporting by Granth Vanaik in Bengaluru and Emma
Rumney in London; Editing by Milla Nissi)
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Feb 8 (Reuters) – Philip Morris International forecast 2024 profit below expectations and missed fourth-quarter estimates
on Thursday, as heated tobacco product sales disappointed and higher costs weighed on performance.
The company had earlier said that pressures on its margins should ease in the second half of 2023, as factors such as
increased use of third-party manufacturing in countries like Indonesia
and Ukraine faded.
However, fresh blows to margins emerged in the fourth quarter, including higher costs of marketing, energy and tobacco
leafs, as well as administrative expenses, sending its adjusted operating income margin down 2.8 percentage points to 33.7%.
Shares of PMI were down 2.3% in premarket trade.
Shipments of sticks for its flagship heated tobacco device
IQOS also fell short of analyst expectations, and PMI said they would be
hit again in 2024 due to a ban on heated tobacco flavors in the European Union.
The company’s total cigarettes and heated tobacco units (HTUs) shipment volumes dropped 0.5% in the fourth quarter, compared to a 2.2% increase in the third.
Philip Morris said it expected total cigarette, HTU and oral smoke-free product shipment
volumes to be flat or grow by up to 1% in 2024, mostly driven by smoke-free products.
It expects adjusted annual profit of between $6.32 and
$6.44 per share, while analysts were expecting $6.60 per share, LSEG data showed.
The downbeat forecast contrasts with that of rival Altria Group, which
last week projected 2024 profit in line with expectations. It is betting on higher cigarette prices and a shift to alternative nicotine products to cushion the blow
from declining demand for traditional tobacco products.
PMI reported fourth-quarter adjusted profit of $1.36 per share.
Analysts on average had expected a profit of $1.45. (Reporting by Granth Vanaik in Bengaluru and Emma
Rumney in London; Editing by Milla Nissi)
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