The earnings call reflects a positive sentiment overall, with significant growth in smoke-free products, strong financial performance, and strategic progress in key markets. Despite some supply challenges and regulatory impacts, the company is confident in its ability to deliver sustainable growth.

Company Guidance

During the Philip Morris International fourth quarter 2024 and full-year results conference call, the company provided robust guidance for the fiscal year 2025. Key metrics included an anticipated 10.5% to 12.5% growth in currency neutral adjusted diluted EPS and an operating cash flow target of around $11 billion. The company expects organic net revenue growth of 6% to 8%, driven by smoke-free product growth of 12% to 14%, and predicts a fifth consecutive year of positive volume growth, up to 2%. PMI highlighted continued strong momentum for IQOS, aiming for shipment growth in line with a double-digit trajectory, and projected ZYN volume shipments between 780 to 820 million cans. Despite potential headwinds from currency impacts, PMI remains confident in achieving its 2024-2026 growth targets and advancing its smoke-free transformation strategy.

Strong Smoke-Free Growth

Smoke-free products reached almost $15 billion in net revenues in 2024, with 40% of PMI's net revenues in Q4 and around 42% of adjusted gross profit. The company's smoke-free business is growing fast and becoming increasingly profitable.

Record Operating Cash Flow

Philip Morris International achieved record operating cash flow of $12.2 billion, significantly above both initial and most recent forecasts, supported by excellent profit delivery and favorable working capital.

Robust Pricing and Cost Efficiency

Combustible business showed strong performance with plus 8.7% pricing, resulting in double-digit gross profit growth in Q4 2024. Cost efficiency initiatives delivered over $750 million in savings.

ZYN's Market Leadership and FDA Authorization

ZYN continues to be the number one smoke-free brand in the US and received FDA marketing authorization, making it the first and only authorized nicotine pouch brand in the US.

Positive Global Volume Growth

Philip Morris International delivered its fourth consecutive year of positive shipment growth, with a total volume increase of plus 2.9% for 2024.

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Philip Morris (PM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2025	2025 (Q1)	1.60 / -	1.5	―	―	―
Feb 06, 2025	2024 (Q4)	1.50 / 1.55	1.36	13.97% (+0.19)
Oct 22, 2024	2024 (Q3)	1.82 / 1.91	1.67	14.37% (+0.24)
Jul 23, 2024	2024 (Q2)	1.57 / 1.59	1.6	-0.63% (-0.01)
Apr 23, 2024	2024 (Q1)	1.41 / 1.50	1.38	8.70% (+0.12)
Feb 08, 2024	2023 (Q4)	1.45 / 1.36	1.39	-2.16% (-0.03)
Oct 19, 2023	2023 (Q3)	1.61 / 1.67	1.33	25.56% (+0.34)
Jul 20, 2023	2023 (Q2)	1.50 / 1.60	1.32	21.21% (+0.28)
Apr 20, 2023	2023 (Q1)	1.34 / 1.38	1.56	-11.54% (-0.18)
Feb 09, 2023	2022 (Q4)	1.26 / 1.39	1.35	2.96% (+0.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 06, 2025	$130.98	$145.32	+10.95%
Oct 22, 2024	$117.65	$129.97	+10.47%
Jul 23, 2024	$104.86	$107.15	+2.18%
Apr 23, 2024	$90.81	$94.29	+3.83%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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