Thu, Jul 25, 11:36 AM (44 days ago)
Philip Morris International Inc. (PMI) reported a 7.5% increase in net revenues to $18.3 billion for the six months ended June 30, 2024, driven by favorable pricing and volume/mix, particularly in smoke-free products. Gross profit rose to $11.7 billion, while operating income increased to $6.5 billion. Net earnings attributable to PMI were $4.6 billion, or $2.92 per share, up from $3.6 billion, or $2.29 per share, in the prior year. Key factors impacting earnings included asset impairment and exit costs, amortization of intangibles, and favorable fair value adjustments for equity investments. Cash flow from operations was strong at $4.9 billion, with significant investments in acquisitions and capital expenditures. PMI's financial health remains robust with a focus on expanding its smoke-free product portfolio and international market presence.