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Philip Morris (PM) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

Zacks Equity Research
·3-min read

For the quarter ended March 2024, Philip Morris (PM) reported revenue of $8.79 billion, up 8.6% over the same period last year. EPS came in at $1.50, compared to $1.38 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $8.44 billion, representing a surprise of +4.14%. The company delivered an EPS surprise of +6.38%, with the consensus EPS estimate being $1.41.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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Here is how Philip Morris performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Shipment Volume - PMI Cigarettes and HTUs - Heated Tobacco Units: 33.13 billion versus the three-analyst average estimate of 31.79 billion.

  • Shipment Volume - Europe - Cigarette: 37.09 billion versus the two-analyst average estimate of 37.96 billion.

  • Cigarettes and Heated Tobacco Units Volume - Europe: 48.43 billion versus 50.77 billion estimated by two analysts on average.

  • Cigarettes and Heated Tobacco Units Volume - Americas: 14.46 billion compared to the 14.82 billion average estimate based on two analysts.

  • Net Revenues by Geography- EA, AU & PMI DF: $1.68 billion versus $1.49 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +10.8% change.

  • Net Revenues by Geography- Europe: $3.37 billion versus $3.35 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +15.6% change.

  • Net Revenues by Geography- SSEA, CIS & MEA: $2.66 billion compared to the $2.51 billion average estimate based on three analysts.

  • Net Revenues- Smoke-Free Excl. W&H- Europe: $1.43 billion versus the two-analyst average estimate of $1.38 billion. The reported number represents a year-over-year change of +31%.

  • Net Revenues- Smoke-Free Excl. W&H- SSEA, CIS & MEA: $312 million versus the two-analyst average estimate of $375.23 million.

  • Net Revenues- Wellness and Healthcare: $90 million versus the three-analyst average estimate of $84 million. The reported number represents a year-over-year change of +4.7%.

  • Net Revenues- Total combustible Tobacco: $5.41 billion versus $5.29 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +3.5% change.

  • Net Revenues- Total Smoke-free excl. W&H: $3.30 billion versus the two-analyst average estimate of $3.13 billion. The reported number represents a year-over-year change of +21.6%.

View all Key Company Metrics for Philip Morris here>>>

Shares of Philip Morris have returned +3.2% over the past month versus the Zacks S&P 500 composite's -4.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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