Philip Morris International $PM (-0,2%)
Q3 Earnings 2024
Volume in billion
Total: 203 units +2.9%
HTU: 35.3 sticks +8.9%
Oral: 4.4 pouches +22.2%
Cigarettes: 163.2 sticks +1.2%
Volume Oral in Mln Cans
Nicotine pouches: 164.6 +43.6% (3 months) +55.8% (9 months)
Snus: 61.3 +1.6% +1.7%
Moist snuff: 34.1 +2.6% +0.1%
Sales Q3 in Mln
Total: 9900$ +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