Phimo International has released its third quarter 2022 and year-to-date performance report, revealing that PMI's net income has declined by 1.1% in Q3.
In the third quarter, the net revenue from smoke-free products accounted for 30.1% of the total net revenue. The market share of IQOS, a heated tobacco device (HTU), increased by 1.3 percentage points to 7.7% in the IQOS market. At the end of the quarter, the estimated total number of IQOS users was around 19.5 million (an increase of 3.6 million or 22% compared to September 30, 2021), of which about 13.5 million have switched to IQOS and quit smoking. The company will increase its quarterly dividend by 1.6% to $1.27 per share, or $5.08 per share on an annual basis.
For the first nine months of this year, the net income from new tobacco accounted for 30.4% of the total net income. HTU's market share in the IQOS market has increased by 1.2 percentage points to 7.6%.
Jacek Olczak, CEO of PMI, stated in a press release that the company achieved strong performance in the third quarter, despite pressures related to currency, supply chains, and inflation. Adjusted earnings per share for the quarter reached $1.53.
During this quarter, IQOS has continued to experience positive momentum, as the number of heated tobacco units and market share has increased in all major regions, partially due to the strong performance of ILUMA upon initial release. Furthermore, the strong performance of our combustible tobacco product portfolio has supplemented this trend, reflecting stable shipment volumes and encouraging growth in international market share and pricing acceleration.
Due to our strong performance from the beginning of the year, we have raised the lower end of our full-year adjusted net income growth outlook to between 6.5% and 8%, with organic growth. Additionally, we expect adjusted earnings per share to increase by 10% to 12% for the year, excluding currency.
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