Philip Morris Worldwide Inc. (NYSE:PM) inventory remained within the purple on Monday. The inventory value has fallen greater than 6% for the reason that starting of the yr. The tobacco big is scheduled to report its first quarter 2024 outcomes on Tuesday, April 23, earlier than the market opens. Right here's what you may count on from the earnings report.
income
Analysts count on PMI gross sales to be $8.46 billion within the first quarter of 2024. This compares to $8 billion in gross sales reported within the year-ago interval. Revenues for the fourth quarter of 2023 have been $9 billion, a rise of 11% yr over yr.
income
Philip Morris expects first-quarter 2024 adjusted EPS of $1.37 to $1.42. Analysts predict his EPS for the primary quarter to be $1.41. This compares to adjusted EPS of $1.38 reported in Q1 2023. Adjusted EPS for the fourth quarter of 2023 elevated 12% to $1.36.
Notes
Philip Morris' smoking ban is progressing properly. Within the fourth quarter of 2023, smoke-free merchandise accounted for about 40% of whole income and greater than 40% of gross revenue. The corporate expects Smokefree's natural progress to speed up in each income and gross margin in 2024. This bodes properly for us. first quarter.
Smoking momentum is primarily pushed by IQOS, whose web income exceeded Marlboro's within the fourth quarter. His IQOS customers as of the top of 2023 are estimated to be 28.6 million. Of those, the variety of grownup customers of IQOS ILUMA is estimated to exceed 17 million. IQOS ILUMA is predicted to see a major enhance within the variety of customers from 2024 onwards, which will even be a optimistic for the primary quarter.
One other progress driver was ZYN nicotine pouches, which noticed a 78% quantity enhance within the U.S. within the fourth quarter. PMI expects gross sales of ZYN within the U.S. to proceed to extend, reaching roughly 520 million cans by 2024.
On the similar time, the decline within the quantity of cigarettes accessible can be a trigger for concern. Whole cigarette and HTU shipments decreased by 0.5% within the fourth quarter. The general worldwide trade decline in cigarettes and HTUs, excluding China and the USA, is predicted to say no by 2% and stage off in 2024.
