Philip Morris International Inc. (NYSE:PM) reported that diluted EPS in Q2 2017 came at $1.14 compared to $1.15 in the same period of 2016. Total cigarette and heated tobacco segment shipment volume declined 5% to 199.9 billion. Cigarette shipment volume was down 7.5% to 193.5 billion units. Heated tobacco segment shipment volume came at 6.4 billion units compared to 1.2 billion units in the comparable period of 2016. The net revenues jumped 1.5% to $19.3 billion in the reported quarter.
Philip Morris International reviews, for currency only, its FY2017 reported diluted EPS to come in a range of $4.78 to $4.93, at current exchange rates, compared to $4.48 in the same period of 2016. Discounting an unfavorable currency impact, at current exchange rates, of around $0.14 for FY2017, as well as the positive tax item of $0.04 posted in the first quarter of 2017, the projected range showcases an expected jump of around 9% to 12% compared to adjusted diluted EPS of $4.48 in FY2016.
This forecast projects net revenue growth, discounting excise taxes, of more than 7%, excluding acquisitions and currency. The projection does not comprise any share repurchases in 2017. Also, this forecast discounts the bearing of any future acquisitions, exit cost and unexpected asset impairment charges, future fluctuations in currency exchange rates, and any unfamiliar events.
André Calantzopoulos, the Chief Executive Officer of Philip Morris, reported that their quarterly results were strong with, as projected, sequential improvement in their volume performance, and robust currency-neutral net revenue growth of 7% as compared to last year.
IQOS, their flagship smoke-free option, continues to perform remarkably well, supported by further latest successful market launches, mainly in Korea. In the second quarter, Marlboro HeatSticks shipments showcased more than 40% of company’s total shipments in Japan, where they registered a national share of 10%.
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