Philip Morris International (PM) has reached a new 52-week high, with its shares trading at $111.37. This milestone reflects the company's strong performance over the past year, which has seen a significant increase in its stock value. The tobacco giant's shares have been on a steady upward trajectory, underpinned by robust financial results and positive market sentiment. Over the past year, Philip Morris has seen a substantial change in its stock value, with a 14.45% increase. This growth underscores the company's resilience and its ability to deliver solid returns to its shareholders, even in a challenging market environment.
In other recent news, Philip Morris International Inc (NYSE:PM). reported substantial growth in organic revenue and operating income for the second quarter of 2024, raising its full-year growth forecast. The company's smoke-free products, including IQOS, have gained strong traction in markets such as Japan and Europe, contributing to the growth of 36.5 million adult users of smoke-free products. The ZYN product is also expanding in the U.S., despite supply constraints.
These developments are recent and indicate a robust performance in Philip Morris' smoke-free and combustible portfolios. The company has also raised its full-year forecasts for net revenue, operating income, and adjusted diluted EPS. However, the company reported a 0.2% decline in market share, mainly due to lower share in Egypt and Indonesia. Regulatory delays in Taiwan have led to a revision of sales objectives, assuming zero volume from this market.
PMI anticipates continued growth outside of Europe and an acceleration in Europe post-flavor ban adjustments. The company's goal is to achieve around $15 billion in smoke-free net revenue for the year. PMI's smoke-free products are on track to be available in 100 markets by 2025, reflecting the company's commitment to expanding its smoke-free business internationally.
InvestingPro Insights
Philip Morris International (PM) has demonstrated a commendable track record with its consistent dividend growth, raising it for 17 consecutive years, which is a testament to the company's financial health and commitment to returning value to shareholders. Alongside this, the company's impressive gross profit margin of 63.69% over the last twelve months as of Q1 2024, showcases its efficiency in generating profit from its revenues, a key indicator of its robust operational performance.
Investors should note that the stock is trading near its 52-week high, at 99.69% of this threshold, indicating strong investor confidence and potential for continued momentum. Analysts have also revised their earnings upwards for the upcoming period, suggesting optimism about the company's future financial results.
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