Philip Morris International (NYSE: PM) announced its second-quarter and first-half performance for 2022 today. The company reported an earnings per share of $1.43 for the second quarter, and an adjusted earnings per share of $1.32 (excluding Russia and Ukraine). The company's target for the full year of 2022 is an earnings per share of $5.73 to $5.88 (including Russia and Ukraine), with an adjusted earnings per share of $5.23 to $5.34.
Second Quarter Performance
In the first half of the year, the net income of smoke-free products accounted for 29.9% of the total net income. The market share of IQOS has increased by 1.2 percentage points, reaching 7.5%. As of the end of the quarter, the estimated total number of IQOS users is about 19 million (an increase of 3.2 million, or 20.5%, compared to the same period last year), of which about 13.2 million people have long-term use of IQOS and quit traditional cigarettes. The announced regular quarterly dividend is $1.25 per share, with an annualized yield of $5.00.
The net income from smoke-free products accounted for 30.5% of the total net income, with heated tobacco gaining 1.1 percentage points in market share to reach 7.5% in the IQOS market.
Jacek Olczak, CEO of Philip Morris International, stated, "Based on our results, we continued to perform strongly in the second quarter, exceeding our expectations. This reflects the outstanding momentum of IQOS, including growth in total IQOS users and sales volumes in the heated tobacco market, as well as favorable trends in new tobacco categories.
We are raising our annual expectations and now expect a net revenue growth of 6% to 8%, with diluted earnings per share of 10% to 12%. We anticipate a heated tobacco shipment volume of 90 billion to 92 billion units.
As a result of this positive news, the stock price of FiMo International (stock code: PM) rose by 4% in premarket trading, reaching $93.44 USD.
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