Philip Morris International reported strong Q2 2024 results with net revenues increasing 5.6% to $9.5 billion, driven by favorable pricing and higher smoke-free product volumes. Diluted earnings per share rose 52.5% to $1.54, while operating income grew 34.2% to $3.4 billion. Smoke-free products accounted for $3.6 billion of total net revenues, up from $3.2 billion in Q2 2023.Total cigarette and heated tobacco unit shipment volume increased by 2.5%, with heated tobacco unit shipments rising 13.1% and cigarette shipments up 0.4%. Oral product shipments grew 35.8%, primarily driven by ZYN nicotine pouches which increased 50.3% in the U.S. The company's market share for heated tobacco units in the total cigarette and HTU market increased by 0.4 percentage points.For full year 2024, PMI expects total cigarette, HTU and oral smoke-free product shipment volume growth of 1-2% driven by smoke-free products, with ZYN nicotine pouch shipments in the U.S. projected at 560-580 million cans. The company anticipates net cash provided by operating activities of approximately $11 billion at prevailing exchange rates, subject to year-end working capital requirements.

Philip Morris International reported strong Q2 2024 results with net revenues increasing 5.6% to $9.5 billion, driven by favorable pricing and higher smoke-free product volumes. Diluted earnings per share rose 52.5% to $1.54, while operating income grew 34.2% to $3.4 billion. Smoke-free products accounted for $3.6 billion of total net revenues, up from $3.2 billion in Q2 2023.Total cigarette and heated tobacco unit shipment volume increased by 2.5%, with heated tobacco unit shipments rising 13.1% and cigarette shipments up 0.4%. Oral product shipments grew 35.8%, primarily driven by ZYN nicotine pouches which increased 50.3% in the U.S. The company's market share for heated tobacco units in the total cigarette and HTU market increased by 0.4 percentage points.For full year 2024, PMI expects total cigarette, HTU and oral smoke-free product shipment volume growth of 1-2% driven by smoke-free products, with ZYN nicotine pouch shipments in the U.S. projected at 560-580 million cans. The company anticipates net cash provided by operating activities of approximately $11 billion at prevailing exchange rates, subject to year-end working capital requirements.