PMI Posts Strong Q3 2021 Growth, IQOS Users Reach About 20.4 Million
Philip Morris International reported net revenue of $8.12 billion in the third quarter of 2021, up 9.1% from the same period last year. Adjusted operating income rose 9.4% to $3.55 billion. The company’s adjusted operating margin was 43.7%, compared with
Philip Morris International reported net revenues of $8.12 billion for the third quarter of 2021, up 9.1% from the same period last year. Adjusted operating income rose 9.4% to $3.55 billion. The company’s adjusted operating margin was 43.7%, compared with 43.6% in the third quarter of 2020.
PMI shipped 164.84 billion cigarettes and 23.49 billion IQOS tobacco sticks in the third quarter of 2021, down 0.4% and 23.8% year over year, respectively. The company estimated that the total number of IQOS users at the end of the quarter reached about 20.4 million, of whom about 14.9 million had switched to IQOS and stopped smoking. Driven by higher heated tobacco shipments in Eastern Europe and Japan, as well as increased cigarette shipments in PMI’s duty-free business and in Turkey, PMI’s combined cigarette and heated tobacco shipment volume rose 2.1% from the previous quarter.
PMI Chief Executive Officer Jacek Olczak said in a statement: “Our business once again delivered strong quarterly results that exceeded our expectations, with adjusted diluted EPS [earnings per share] of $1.58, up 8.5% excluding currency effects.” “The continued excellent performance of IQOS drove total shipment volume and organic net revenue growth of 2.1% and 7.6%, respectively, complemented by further sequential share growth in our combustible products.”
“Today, we reaffirm our strong growth outlook for 2021, with our adjusted diluted EPS forecast now near the upper half of our previous range, representing currency-neutral growth of 13% to 14%, despite device supply constraints caused by the global semiconductor shortage, which has affected our ability to meet consumer demand for IQOS.”
PMI shipped 164.84 billion cigarettes and 23.49 billion IQOS tobacco sticks in the third quarter of 2021, down 0.4% and 23.8% year over year, respectively. The company estimated that the total number of IQOS users at the end of the quarter reached about 20.4 million, of whom about 14.9 million had switched to IQOS and stopped smoking. Driven by higher heated tobacco shipments in Eastern Europe and Japan, as well as increased cigarette shipments in PMI’s duty-free business and in Turkey, PMI’s combined cigarette and heated tobacco shipment volume rose 2.1% from the previous quarter.
PMI Chief Executive Officer Jacek Olczak said in a statement: “Our business once again delivered strong quarterly results that exceeded our expectations, with adjusted diluted EPS [earnings per share] of $1.58, up 8.5% excluding currency effects.” “The continued excellent performance of IQOS drove total shipment volume and organic net revenue growth of 2.1% and 7.6%, respectively, complemented by further sequential share growth in our combustible products.”
“Today, we reaffirm our strong growth outlook for 2021, with our adjusted diluted EPS forecast now near the upper half of our previous range, representing currency-neutral growth of 13% to 14%, despite device supply constraints caused by the global semiconductor shortage, which has affected our ability to meet consumer demand for IQOS.”
