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Jun 30, 2021
Philip Morris Q2 2021 Earnings Report
Philip Morris International reported strong financial performance driven by IQOS growth and strategic acquisitions.
Key Takeaways
Philip Morris International's Q2 2021 earnings showed strong growth, with adjusted diluted EPS up by 17.8% on an organic basis. The company is increasing its full-year adjusted outlook, reflecting improved total industry volume and strategic acquisitions aimed at long-term growth.
Adjusted diluted EPS of $1.57, up by 17.8% on an organic basis.
Cigarette and heated tobacco unit shipment volume increased by 6.1%.
Market share for heated tobacco units in IQOS markets, excluding the U.S., rose by 1.4 points to 7.3%.
Total IQOS users reached approximately 20.1 million, with about 14.7 million having switched to IQOS and stopped smoking.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PMI is increasing its full-year adjusted outlook, with organic net revenue growth of 6% to 7% and adjusted diluted EPS growth of 12% to 14% on the same basis, mainly reflecting improved total industry volume.
Positive Outlook
- A gradual improvement in the general operating environment.
- Total cigarette and heated tobacco unit shipment volume progression for PMI of approximately flat to +2%.
- Adjusted net revenue growth of approximately 6% to 7% on an organic basis.
- An increase in adjusted operating income margin of around 200 basis points on an organic basis.
- Continued robust organic net revenue growth.
Challenges Ahead
- Lack of near-term recovery in PMI's duty-free business.
- A limited impact from the current global shortage of semiconductors on the supply of our electronic devices to consumers.
- Potential volatility around the duration and effects of pandemic-related mobility restrictions across PMI's key markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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