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Philip Morris: Q2 2022 Earnings Update

Industry: Tobacco and Tobacco Products
Current: Company Performance

Philip Morris’ revenue increased by 3.1% year-over-year in Q2 2022 on an annual basis and 6.2% on an organic basis
Philip Morris reported diluted earnings per share (EPS) of $1.43
Management increased the guidance for pro forma adjusted revenue growth and EPS for 2022

On July 21, 2022, Philip Morris reported Q2 revenues of $7.83 billion (an increase of 3.1% year-over-year and 6.2% on an organic basis) on GAAP Diluted Earnings per Share (EPS) of $1.43.

Summary: Philip Morris’s Q2 2022 revenues grew by 3.1% (up 6.2% on an organic basis) as compared to the same period in 2021. Philip Morris sells its products across two segments: Cigarettes and Heated Tobacco. Total shipment volume growth of 1.1% was driven by cigarettes (1.0%) and Heated Tobacco (1.9%). Geographically, the European union reflected a shipment volume growth of 4.6% followed by the Middle East and Africa (15.7%), and the Americas (5.4%). Eastern Europe, South and Southeast Asia, and East Asia & Australia witnessed a decline in shipment volumes.

The company reported earnings from operations of $3.05 billion during Q2 2022, resulting in GAAP operating margins of 39.02%. On the bottom line, the company reported a diluted EPS of $1.43, whereas the adjusted diluted earnings came to $1.48 per share.

Guidance: Philip Morris expectations for the full year 2022 –

Pro forma adjusted revenue growth of 6% to 8% on an organic basis with Cigarettes and Heated Tobacco shipment volume growth of 1.5% to 2.5% (90-92 billion units).

GAAP diluted EPS forecast is increased from $5.39 - $5.50 to be in a range of $5.73 - $5.88.
Adjusted diluted EPS of $5.90 to $6.05 and pro forma adjusted diluted EPS of $5.23 to $5.34 (excluding the earnings attributable to Russia and Ukraine).

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