Philip Morris International Inc. (PMI) reported significant financial growth for the nine months ended September 30, 2024, with net revenues reaching $28.2 billion, a 7.8% increase from $26.1 billion in the same period of 2023. This growth was driven by favorable pricing variances in combustible tobacco and increased volumes in smoke-free products, which saw net revenues rise to $10.8 billion, up from $9.3 billion in 2023. The company’s operating income also improved, totaling $10.1 billion, compared to $8.7 billion in the prior year.
Net earnings attributable to PMI surged to $7.6 billion for the nine months, a 35.9% increase from $5.6 billion in 2023. Basic and diluted earnings per share (EPS) rose to $4.90 and $4.89, respectively, reflecting a 35.5% increase compared to the previous year. The company’s gross profit for the period was $18.3 billion, up from $16.7 billion in 2023.
In the third quarter of 2024, PMI reported net revenues of $9.9 billion, an 8.4% increase from $9.1 billion in Q3 2023. Operating income for the quarter was $3.7 billion, compared to $3.4 billion in the same quarter last year. The company’s smoke-free product segment continued to expand, with heat-not-burn product shipments increasing by 13.9% year-over-year.
PMI's strategic developments included the announcement of the sale of Vectura Group Ltd. to Molex Asia Holdings Ltd. for approximately $201 million, with an additional $198 million impairment charge recorded in Q3 2024 related to this transaction. The sale is expected to close in Q4 2024, pending regulatory approval. Additionally, PMI reacquired IQOS commercialization rights in the U.S. from Altria Group for $2.8 billion, enhancing its smoke-free product portfolio.
The company’s financial position improved, with cash and cash equivalents increasing to $4.3 billion as of September 30, 2024, compared to $3.0 billion at the end of 2023. Total assets rose to $66.9 billion, while total liabilities decreased to $23.4 billion from $26.4 billion. PMI's long-term debt increased to $44.2 billion, reflecting ongoing investments in growth and acquisitions.
PMI's effective tax rate for the nine months ended September 30, 2024, was 23.1%, down from 25.7% in the previous year. The company continues to navigate various regulatory challenges, including ongoing litigation related to tobacco and nicotine products, while focusing on its commitment to a smoke-free future.
About Philip Morris International Inc.
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