Philip Morris International (PMI) reports cigarette and heated tobacco unit shipment volume fell by 7.6% in Q3. Cigarette shipment volume was down by 9.8% during the quarter, while the heated tobacco unit shipment volume was 18.7% higher.
According to PMI, the total IQOS users at quarter-end estimated at approximately 16.4 million, of which approximately 11.7 million have stopped smoking and switched to IQOS. PMI made this known in its 2020 third-quarter results, in which Net revenues down by 2.6%; down by 1.5% on an organic basis.
Though, increased the regular quarterly dividend per share by 2.6% to an annualized rate of $4.80
Market share for heated tobacco units in IQOS markets, excluding the U.S., up by 1.7 points to 6.0%.
André Calantzopoulos, Philip Morris’ Chief Executive Officer,
“We delivered stronger-than-anticipated results in the third quarter, despite the ongoing challenges of the pandemic, with adjusted diluted EPS growth of 5.6% on an organic basis,”
“The sustained momentum of IQOS was excellent, with an estimated 16.4 million total users at the end of September and smoke-free products accounting for nearly one-fourth of our total net revenues in the quarter. Furthermore, our combustible tobacco business recorded an improved sequential performance, supported by better underlying total industry volumes across both developed and emerging markets.”
“Despite continued headwinds for our duty-free business and in Indonesia, we are raising our full-year 2020 guidance and now anticipate adjusted diluted EPS growth of around 5% to 6% on an organic basis, compared to a range of approximately 3.5% to 5.0% previously.”