2021 FIRST-QUARTER HIGHLIGHTS
Reported diluted EPS of
Adjusted diluted EPS of
Cigarette and heated tobacco unit shipment volume down by 3.7% (reflecting cigarette shipment volume down by 7.3%, and heated tobacco unit shipment volume up by 29.9% to 21.7 billion units)
Market share for heated tobacco units in IQOS markets, excluding the
Net revenues up by 6.0%; up by 2.9% on an organic basis
Net revenues from smoke-free products accounted for 28.0% of total net revenues
Operating income up by 23.5%; up by 16.8%, excluding currency
Adjusted operating income up by 18.5% on an organic basis
Adjusted operating income margin of 46.0%, up by 5.9 points on an organic basis
Total IQOS users at quarter-end estimated at approximately 19.1 million, of which approximately 14.0 million have switched to IQOS and stopped smoking
During the quarter, PMI declared a regular quarterly dividend of
'We are pleased to have delivered a very strong start to the year, with top- and bottom-line results coming in well ahead of our expectations for the first quarter despite the ongoing challenges of the pandemic,' said
'This performance was driven by the continued strength of IQOS, in particular, reflecting excellent user, volume and market share momentum, as well as further progress with manufacturing and operating cost efficiencies. Our results also benefited from the timing of specific factors, notably associated with shipments in certain markets and the phasing of commercial investments, which are expected to partially reverse in the second quarter.'
'While the speed and shape of the global recovery from the pandemic remains uncertain, we are raising our full-year outlook, on an underlying basis, to reflect the strong results and positive momentum of the first quarter. Our guidance now represents organic adjusted diluted EPS growth of 11% to 13%, reflecting net revenue growth of 5% to 7% on the same basis.'
GUIDANCE:
PMI revises its full-year reported diluted EPS forecast to a range of
On an organic basis, this forecast represents a projected increase of around 11% to 13% versus adjusted diluted EPS of
The revised full-year guidance reflects:
Better underlying business performance driven by the strength of IQOS, particularly in the
A favorable currency impact, at prevailing exchange rates, of approximately
Asset impairment and exit costs of
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