Philip Morris International $PM (+0.48%)
Q3 Earnings 2024

Volume in billion

Total: 203 units +2.9%

HTU: 35.3 sticks +8.9%

Oral: 4.4 pouches +22.2%

Cigarettes: 163.2 sticks +1.2%

Volume Oral in Mln Cans

Nicotine pouches: 164.6 +43.6% (3 months) +55.8% (9 months)

Snus: 61.3 +1.6% +1.7%

Moist snuff: 34.1 +2.6% +0.1%

Sales Q3 in Mln

Total: 9900$ +8.4% reported +11.6% organic

SFB: 3800$ +14.2% +16.8%

Combustibles: 6100$ +5.2% +8.6%

Proportional

SFB: 38%

Combustibles: 62%

Gross Profit

Total: 6500$ +9.5% +13%

SFB: 2600$ +15.9% +20.2%

Combustibles: 3900& +5.7% +8.7%

Proportionate

SFB: 40%

Combustibles: 60%

Operating income

Total: 3700$ +8.4% + 13.8%

EPS

Reported: 1.97$ +49%

Adjusted: 1,91$ +14,4%

Adjusted ex currency: 1.97$ +18%

Total industry volume (HTU & cigarettes) shows an increase of 1.3% (3 months) 1.2% (9 months). The international market appears to be not only stabilizing but also growing slightly.

HTU

IQOS is now the second largest nicotine brand in the world and continues to expand its market share.

E-Vapor

Veev has sold around 1.3 billion sticks (1ml = 10 sticks) since the beginning of the year.

Oral

The supply problems seem to be easing and sales are normalizing. Outside the USA, the volume has even increased by 70%. Zyn is now active in 30 markets.

Combustibles

Marlboro has the highest market share since the spin-off in 2008.

I am more than satisfied with the results. It's nice to see how profitable SFB is (70% gross profit margin). I am sure that Q4 will be similarly good.

PM now stands for Printing Money