Philip Morris sees Q3 adjusted EPS $1.77-$1.82, consensus $1.77

Philip Morris says its FY24 forecast assumes: A broadly stable total international industry volume for cigarettes and HTUs, excluding China and the U.S.; Total cigarette, HTU and oral smoke-free product shipment volume growth for PMI of 1% to 2% driven by smoke-free products; A second half acceleration in HTU adjusted IMS to deliver around 13% growth for the full year, and HTU shipment volumes of around 140 billion units. This assumes no volumes in Taiwan and a slightly greater impact from consumer adjustment to the EU characterizing flavor ban than previously assumed; Nicotine pouch shipment volume in the U.S. of 560 to 580 million cans; Net revenue growth of 7.5% to 9% on an organic basis; Organic operating income growth of 11% to 13%; An acceleration in organic smoke-free net revenue and gross profit growth compared to 2023; Broadly unchanged net revenue and adjusted operating loss in Wellness and Healthcare segment compared to 2023; No share repurchases in 2024; and a strong second-half performance, with third quarter adjusted diluted EPS of $1.77 to $1.82 including an estimated adverse currency impact of 2 cents at prevailing exchange rates.