Philip Morris CEO Optimistic About Company's Pandemic Outlook
According to Tobacco Reporter, despite the uncertainty caused by the coronavirus crisis, Philip Morris International CEO Andrew Calantzopoulos said at the company’s online 2020 annual shareholders’ meeting that he remains confident about the company’s med
According to Tobacco Industry News, despite the uncertainty caused by the coronavirus crisis, Philip Morris International (PMI) CEO Andrew Calantzopoulos expressed confidence in the company's mid-term outlook during the company's online 2020 annual shareholder meeting.<\/span><\/div>
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Calantzopoulos stated: "Currently, our primary focus is on the health and well-being of our employees, their families, and the communities in which we operate."<\/span><\/div>
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"The strong fundamentals of our business, particularly the significant growth of reduced-risk products, are evident in our full-year 2019 and Q1 2020 performance. However, there is considerable uncertainty regarding the development and duration of the Covid-19 pandemic and its economic and social consequences, including those affecting our operating environment and consumers."<\/span><\/div>
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"We are confident in our structural mid-term growth prospects and expect to return to growth consistent with our currency-neutral compound annual growth target from 2019 to 2021 once the current adverse factors pass. Importantly, our organization, liquidity, and balance sheet remain strong. We will continue to protect and support our employees, serve our consumers, and reward our shareholders, including our firm commitment to dividends."<\/span><\/div>
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It is reported that PMI's Q1 financial report showed a net revenue of $7.15 billion for Q1 2020, up from $6.75 billion in Q1 2019. Operating income for Q1 2020 was $2.79 billion, compared to $2.05 billion in the same period in 2019.<\/span><\/div>
