On April 21, Philip Morris International (NYSE: PM) announced its first quarter results of 2021 today.
Highlights in the first quarter of 2021:
Diluted earnings per share was $1.55, up 32.5%.
Adjusted diluted earnings per share was $1.57, up 29.8%.
Cigarette and heated tobacco unit shipments fell 3.7% (reflecting a 7.3% decline in cigarette shipments and a 29.9% increase in heated tobacco unit shipments to 21.7 billion units)
In the iqos market, the market share of tobacco heating devices excluding the United States increased by 1.7 percentage points to 7.6%.
Net income increased by 6.0% and organic growth by 2.9%.
The net income of smokeless products accounted for 28.0% of the total net income.
Operating revenue increased by 23.5%.
After the adjustment, the operating revenue increased by 18.5%.
After adjustment, the operating profit margin was 46.0%, with an organic growth of 5.9 percentage points.
By the end of the quarter, the total number of iqos users is estimated to be about 19.1 million, of which about 14 million have switched to iqos and quit smoking.
Andre é calantzopoulos, chief executive, said that despite the challenge of the new crown pandemic this year, he was glad to have a very strong start this year, with top and bottom line performance far exceeding expectations for the first quarter.
He said the performance was driven by the continued strength of iqos, especially reflecting outstanding users, volume and market share momentum, as well as further improvements in manufacturing and operational cost efficiency. The results also benefit from the timing of specific factors (especially related factors) to select the stage of shipment volume and business investment in some markets, which is expected to be partially reversed in the second quarter.
Although the speed and form of global recovery from the pandemic remains uncertain, Fimo is fundamentally improving our full year outlook to reflect the strong performance and positive momentum in the first quarter.