Philip Morris International Inc. (PMI) (NYSE: PM) has reported an exceptionally strong performance for the third quarter of 2024, achieving record quarterly net revenues and earnings per share (EPS). The company’s net revenues increased by 8.4% to $9.9 billion, with an organic growth rate of 11.6%. This growth was driven by a favorable pricing variance and an increase in smoke-free product volumes, which now account for 38% of PMI’s total net revenues.
The smoke-free segment saw a robust growth of 14.2% in net revenues and a 15.9% increase in gross profit, demonstrating PMI’s strategic focus on transitioning towards a smoke-free future.
The company’s total shipment volume for cigarettes and heated tobacco units (HTUs) rose by 2.6%, with HTU shipments alone increasing by 8.9%. This growth was fueled by strong performances across various regions, including Japan and Europe, where IQOS, PMI’s leading smoke-free product, continued to gain market share.