Philip Morris International Inc. reported a 3.6% decline in first-quarter earnings, falling to $2.32 billion, as it grapples with financial pressures from smoking-cessation campaigns impacting dividend funding. The company beat earnings estimates with adjusted earnings of $1.56 per share but significantly slashed its full-year forecast to between $5.45 and $5.56 per share. Despite these hurdles, Philip Morris is advancing its transformation into smoke-free products, which accounted for over 30% of net revenues last year, and aims to generate $1 billion from 'Beyond Nicotine' products by 2025.
“Philip Morris International Inc. · is likely to witness · a year-over-year decrease in the top and bottom lines · when it reports first-quarter 2022 earnings on May 21”
“Philip Morris · has a trailing four-quarter earnings surprise · 5.1% · on average”
“Philip Morris · expects the total cigarette and heated tobacco unit shipment volume growth to come between · a decline of 1% and an increase of 1%”
“Philip Morris · is progressing well with · its business transformation · with smoke-free products generating more than 30% of the company's net revenues in the fourth quarter of 2021”
“Philip Morris · announced a partnership with · South Korea’s KT&G · in January 2020 to commercialize KT&G's smoke-free products outside the country”
“Philip Morris · revealed plans of generating · at least $1 billion in annual net revenues from 'Beyond Nicotine' products · by 2025”
“Philip Morris · has been benefiting from · its strong pricing power”
“Philip Morris · currently has a Zacks Rank · #4 · (Sell)”
“Philip Morris · has an Earnings ESP of · -0.12%”
“smoking-cessation campaigns · make it impossible for · Philip Morris International to fund its dividend · true”
“Philip Morris · sells tobacco-based products in · more than 175 different markets · true”
“Philip Morris International Inc. · began · 2022 · solid note”
