Philip Morris International Inc. Reports Strong 2021 First-Quarter Reported Diluted EPS of $1.55 Versus $1.17 in 2020, Reflecting Adjusted Diluted EPS Growth of 21.5% on an Organic Basis

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04/20/2021 - 06:59 AM

Regulatory News:

Philip Morris International Inc. (NYSE: PM) today announces its 2021 first-quarter results. Growth rates presented in this press release on an organic basis reflect currency-neutral underlying results. Adjustments, other calculations and reconciliations to the most directly comparable U.S. GAAP measures are included in the schedules to this press release.

2021 FIRST-QUARTER HIGHLIGHTS

Reported diluted EPS of $1.55, up by 32.5%; up by 23.9%, excluding currency
Adjusted diluted EPS of $1.57, up by 29.8%; up by 21.5% on an organic basis
Cigarette and heated tobacco unit shipment volume down by 3.7% (reflecting cigarette shipment volume down by 7.3%, and heated tobacco unit shipment volume up by 29.9% to 21.7 billion units)
Market share for heated tobacco units in IQOS markets, excluding the U.S., up by 1.7 points to 7.6%
Net revenues up by 6.0%; up by 2.9% on an organic basis
Net revenues from smoke-free products accounted for 28.0% of total net revenues
Operating income up by 23.5%; up by 16.8%, excluding currency
Adjusted operating income up by 18.5% on an organic basis
Adjusted operating income margin of 46.0%, up by 5.9 points on an organic basis
Total IQOS users at quarter-end estimated at approximately 19.1 million, of which approximately 14.0 million have switched to IQOS and stopped smoking
During the quarter, PMI declared a regular quarterly dividend of $1.20 per common share, representing an annualized rate of $4.80

"We are pleased to have delivered a very strong start to the year, with top- and bottom-line results coming in well ahead of our expectations for the first quarter despite the ongoing challenges of the pandemic," said André Calantzopoulos, Chief Executive Officer.

"This performance was driven by the continued strength of IQOS, in particular, reflecting excellent user, volume and market share momentum, as well as further progress with manufacturing and operating cost efficiencies. Our results also benefited from the timing of specific factors, notably associated with shipments in certain markets and the phasing of commercial investments, which are expected to partially reverse in the second quarter."

"While the speed and shape of the global recovery from the pandemic remains uncertain, we are raising our full-year outlook, on an underlying basis, to reflect the strong results and positive momentum of the first quarter. Our guidance now represents organic adjusted diluted EPS growth of 11% to 13%, reflecting net revenue growth of 5% to 7% on the same basis."

2021 FULL-YEAR FORECAST

Full-Year

2021
Forecast

2020

Organic
Growth