Philip Morris International (PM) reaffirms full-year EPS forecast
Tweet
Share
E-mail
Get Alerts PM Hot Sheet
Revenue Growth %: +3.4%
Financial Fact:
Net earnings attributable to PMI: 1.94B
Today's EPS Names:
ANAB, ANIX, MNY, More
Join SI Premium – FREE
Philip Morris International Inc. (PMI) (NYSE: PM) Chief Financial Officer, Emmanuel Babeau, will address investors today at the Morgan Stanley Global Consumer & Retail Conference in New York City.
The session will be webcast live in listen-only mode, beginning at approximately 9:30 a.m. ET at www.pmi.com/2023morganstanley. The webcast replay will be available at the same link until Friday, January 5, 2024. The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App (available for download at www.pmi.com/irapp).
“Today, we are reaffirming our full-year EPS forecast - with excellent expected 2023 organic top-line growth and double-digit currency-neutral adjusted diluted EPS growth. This is underpinned by the continued strength of our smoke-free portfolio led by our two blockbuster premium brands: IQOS and ZYN,” said Emmanuel Babeau, Chief Financial Officer.
2023 Full-Year Forecast
PMI reaffirms its 2023 full-year reported diluted EPS forecast, announced on October 19, 2023, of $4.95 to $4.98, at then-prevailing exchange rates. Excluding a total 2023 adjustment of $1.10 per share and an unfavorable currency impact, at then-prevailing exchange rates, of $0.53 per share, this forecast represents a projected currency-neutral increase of 10.0% to 10.5% versus adjusted diluted EPS of $5.98 in 2022, as outlined in the below table.
The assumptions underlying this forecast remain unchanged versus those communicated by PMI in its earnings release of October 19, 2023.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
| Full-Year | ||||||
| 2023 Forecast | 2022 | Growth | ||||
|
|
|
|
|
|
|
|
Reported Diluted EPS | $4.95 | - | $4.98 |
| $ 5.81 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Asset impairment and exit costs | 0.06 |
| — |
|
| ||
Termination of distribution arrangement in the Middle East | 0.04 |
| — |
|
| ||
Income tax impact associated with Swedish Match AB financing | 0.03 |
| (0.13) |
|
| ||
Amortization of intangibles | 0.24 |
| 0.09 |
|
| ||
Impairment of goodwill and other intangibles | 0.44 |
| 0.06 |
|
| ||
Costs associated with Swedish Match AB offer | — |
| 0.06 |
|
| ||
Charges related to the war in Ukraine | 0.01 |
| 0.08 |
|
| ||
Swedish Match AB acquisition accounting related item | 0.01 |
| 0.06 |
|
| ||
Termination of agreement with Foundation for a Smoke-Free World | 0.07 |
| — |
|
| ||
South Korea indirect tax charge | 0.11 |
| — |
|
| ||
Fair value adj. for equity security investments | (0.02) |
| (0.02) |
|
| ||
Tax items | 0.11 |
| (0.03) |
|
| ||
Total Adjustments | 1.10 |
| 0.17 |
|
| ||
|
|
|
|
|
|
|
|
Adjusted Diluted EPS | $6.05 | - | $6.08 |
| $ 5.98 |
|
|
Less: Currency | (0.53) |
|
|
|
| ||
Adjusted Diluted EPS, excluding currency | $6.58 | - | $6.61 |
| $ 5.98 |
| 10.0% - 10.5% |
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Micron offers Taiwan workers up to 68-month bonuses as strike threat looms
- Kroger (KR) Tops Q2 EPS by 3c, Misses on Revenue; Offers FY27 EPS Guidance
- Cronos Group extends cannabis acquisition deadline to October 2026
Create E-mail Alert Related Categories
Corporate News, GuidanceRelated Entities
Morgan Stanley, Earnings, Definitive Agreement, FDASign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
