2024-04-23 13:51:02 ET
Philip Morris International Inc. (PM)
Q1 2024 Earnings Conference Call
April 23, 2024 9:00 am ET
Corporate Participants
James Bushnell - VP, IR, and Financial Communications
Emmanuel Babeau - Chief Financial Officer
Jennifer Motles - Chief Sustainability Officer.
Conference Call Participants
Matt Smith - Stifel
Bonnie Herzog - Goldman Sachs
Owen Bennett - Jefferies
Faham Baig - UBS
Gaurav Jain - Barclays
Callum Elliott – Bernstein
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Philip Morris International 2024 First Quarter Results Conference Call. At this time, all participants are in a listen-only mode.
After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, James Bushnell, Vice President of Investor Relations. Please go ahead.
James Bushnell
Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2024 first quarter results. The press release is available on our website at pmi.com.
A glossary of terms, including the definition for smoke-free products, as well as adjustments, other calculations, and reconciliations to the most directly comparable U.S. GAAP measures for non-GAAP financial measures cited in this presentation, are available in Exhibit 99.2 to the company's Form 8-K dated April 23, 2024, and on our Investor Relations website.
Today's remarks contain forward-looking statements and projections of future results. I direct your attention to the forward-looking and cautionary statements disclosure in today's presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements. I'm joined today by Emmanuel Babeau, Chief Financial Officer, and Jennifer Motles, Chief Sustainability Officer.
Over to you, Emmanuel.
Emmanuel Babeau
Thank you, James, and welcome, everyone.
In Q1, we delivered outstanding performance that exceeded our expectations with double-digit growth in organic net revenue and operating income, as well as currency-neutral adjusted diluted earnings per share, all supported by robust volume growth. Excellent smoke- free business momentum continues with plus 25% organic growth in net revenues and plus 38% in gross profit, as IQOS operating leverage and ZYN mix contribute positively....
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Philip Morris International Inc. (PM) Q1 2024 Earnings Call Transcript