PMI – Q1 2024 Results: Preview
Release date: April 23, 2024 (before the opening bell) Sell-side analyst expectations Revenue: $8.47Bn (+4.6% vs. $8.1Bn adjusted net revenue in Q1 2023; +5.6% vs. reported) EPS:
April 18, 2024
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Japan Tobacco: Share Price Surge
Since we noted that “in the League of Laggards to the transformation to RRPs (Altria, Imperial, JT), we clearly favor JT due its size/scale, higher
April 13, 2024
Imperial: H1 ’24 Trading Update
Imperial Brands confirms that is is on track to meet H1 and FY24 guidance: – strong tobacco pricing (more than offsetting industry volume pressures in
April 9, 2024
Imperial: H1 ’24 Trading Update – Preview
Imperial Brands will release a pre-close trading update for the first half of FY24 (October 2023 – March 2024) on April 9, 2024. Imperial’s FY23
April 7, 2024
Tobacco Pulse Surveys: Q1 2024
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom
March 31, 2024
IQOS USA: FDA Review
October 2023 Projecting a faster path to the break-even in the USA with IQOS ILUMA, Philip Morris International (PMI) will refrain from investing heavily on
March 28, 2024
IQOS USA: Market Potential
Altria (Philip Morris USA): CAGNY Conference (February 2024) Altria projects heated tobacco to make up ~5% of the US nicotine space over the long term
March 24, 2024
IQOS USA: History
Philip Morris International (PMI) & Altria: On the way to Merger In 2013, Altria and PMI entered into a series of agreements related to innovative
March 22, 2024
Share Buybacks: Altria
March 2024 Altria reduced its stake in Anheuser-Busch InBev (ABI) to buyback own shares. Altria agreed to sell 35Mn shares of ABI through a global
March 20, 2024
IQOS USA: Patent Wars
Mart 2024 The US International Trade Commission (ITC) decided to lift the IQOS importation ban following the global patent infringement settlement between British American Tobacco
March 2, 2024
IQOS USA: Product Portfolio
Until IQOS ILUMA receives authorization (marketing order) from the US FDA (not expected before July 2025), Philip Morris International (PMI) will introduce the IQOS3 line-up
March 2, 2024
IQOS: USA launch
This article is no longer updated. For an up-to-date, exclusive coverage on every aspect of the IQOS USA launch, click here to visit our IQOS
February 28, 2024
Altria: Winds of Change
Presumably, everyone is aware of the “Bear Case” for Altria by now. We have written about it so many times over the past three years:
February 26, 2024
PMI: FX Headwinds
CAGNY Conference: February 2024 In an attempt to re-assure the market of its ability to deliver growth in reported basis (before endless FX adjustments), PMI
February 21, 2024
Japan Tobacco: FY23 Results
Tobacco Segment: 87% weight in revenue, 97% weight in adj. operating profit in FY23 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and
February 13, 2024
PMI: FY23 Results
Key Business Metrics: Q4 2023 Revenue: up +8.3% to $9Bn (vs. $9Bn expected) Adjusted diluted EPS: up +12.2% to $1.36 (vs. $1.45 expected) Total volume:
February 8, 2024
BAT: FY23 Results
Top-line – Revenue: £27.28Bn (vs. £27.9Bn expected) – Reported Revenue: down -1.3%, largely due to the sale of Russian business as well as the impact
February 8, 2024
KT&G: FY23 Results
Q4 2023 & FY23 Results Revenue: ₩1.45Tn in Q4 (+3.2% year-on-year), ₩5.87Tn in FY23 (+0.4%) EBITDA: ₩260.3Bn in Q4 (-0.6%), ₩1.41Tn in FY23 (-5.6%) EBITDA
February 7, 2024
Altria: FY23 Results
Top-line & Bottom-line Results Q4 2023 Revenue: $5.02Bn (exp. $5.07Bn; -1.2% vs. Q4 2022) Q4 2023 EPS: $1.18 (exp. $1.17; unchanged vs. Q4 2022) FY23
February 1, 2024
BAT – FY23 Results: Preview
Release date: February 8, 2023 (before the opening bell) BAT already released an Interim Business Update (IBU) on December 6, 2023. Recall: Our “BAT: Interim Business Update”
January 31, 2024
PMI – Q4 2023 Results: Preview
Release date: February 8, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.0Bn, EPS: $1.45 Latest FY23 Guidance PMI last updated its FY23 guidance at the
January 30, 2024
ITC: Q3 FY24 Results
Key Business Metrics Gross Revenue is up +2.1%. Gross Revenue (ex-Agri Business) is up +3.9%. Profit (before exceptional items & tax) is up +0.8%. Profit
January 29, 2024
Altria – Q4 2023 Results: Preview
Release date: February 1, 2024 (before the opening bell) Sell-side analyst expectations Marginal revenue and EPS decline are already factored in. Revenue: $5.07Bn (down -0.3% vs. Q4
January 25, 2024
Tobacco Pulse Surveys: Q4 2023
Every Sunday, we run a quick poll on the hottest subject in the Tobacco Industry. Hundreds of our Twitter/X followers vote, offering a collective wisdom
January 1, 2024
ITC: 2023 Investor Day
Transformation of the Business Portfolio ITC continues the pursuit of diversifying its business and reducing its reliance on tobacco: revenue and profit from non-tobacco businesses
December 15, 2023
BAT: Interim Business Update
Highlights – Reaffirms FY23 EPS guidance: organic revenue growth in the low end of 3-5%; mid-single digit EPS growth – Continued strong volume and revenue
December 6, 2023
BAT – Interim Business Update: Preview
Ahead of the FY23 results (to be released on February 8, 2024), BAT will provide an interim business update on December 6, 2023 (Wednesday). At
December 1, 2023
Share Buybacks: KT&G
November 2023 At the 2023 Investor Day, KT&G announced the plan to buy back ₩1Tn worth of stocks and cancel 15% of its outstanding shares
November 30, 2023
Imperial Brands: FY23 Results
Top-line & Bottom-line results Adjusted: at constant currencies, excluding Russia – Volume: -7.1% (-10.4%, including the Russia exit; weakness in US mass market cigars and
November 14, 2023
KT&G: Q3 2023 Results
Q3 2023 Results1 Despite reporting its highest-ever quarterly revenue (₩1.69Tn; +4% year-on-year) in Q3 2023, KT&G’s operating profit increased only marginally (+0.4% to ₩406.7Bn) due
November 9, 2023
Japan Tobacco: Q3 2023 Results
Top-line & Bottom-line Results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue: +4.7% driven by positive price/mix variance and volume
November 1, 2023
Altria: Q3 2023 Results
Top-line & Bottom-line Results Revenue: $5.28Bn (exp. $5.43Bn; down -2.5% vs. Q3 2022) EPS: $1.28 (exp. $1.29; unchanged vs. Q3 2022) Narrows the FY23 guidance:
October 26, 2023
Altria – Q3 2023 Results: Preview
Release date: October 26, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $5.43Bn (up +0.3% vs. Q3 2022) EPS: $1.29 (up +1% vs. Q3 2022) FY23
October 21, 2023
PMI: Q3 2023 Results
Key Business Metrics Revenue: up +9.3% to $9.14Bn (vs. $9.2Bn expected). Surpassed the $9Bn threshold for the first-time Adjusted diluted EPS: up +20.3% to $1.67
October 19, 2023
ITC: Q2 FY24 Results
Key Business Metrics Gross revenue is up +3.4%. Gross revenue (excluding wheat & rice exports) is up +8.9%. Wheat & Rice exports: Geopolitical tensions &
October 19, 2023
PMI – Q3 2023 Results: Preview
Release date: October 19, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.2Bn EPS: $1.61 (up +16% on adjusted, ex-currency basis) PMI last updated its Q3
October 15, 2023
The BAT – ITC Saga
ITC is the tobacco market leader in India, world’s most populous country, and is the fourth largest publicly-traded tobacco company in the world by market
October 15, 2023
Research: Cannabis
Cannabis potency Potency Monitoring Program, a project led by the US National Institute on Drug Abuse, reports that the average amount of tetrahydrocannabinol (THC: the
October 12, 2023
Lexaria Bioscience
October 2023: New patents granted Lexaria is granted two new patents in Canada, associated to: – delivering lipophilic (fat-based) active drugs and active molecules suspended
October 12, 2023
Imperial: Trading Update
(October 5, 2023) Imperial Brands confirms that it is on track to deliver FY23 guidance and announces further £1.1Bn share buyback (~8% of share capital).
October 5, 2023
Imperial: Trading Update – Preview
Imperial Brands will provide a pre-close trading update for the FY23 (October 2022 – September 2023) on October 5, 2023. In the first half of
September 30, 2023
Share Buybacks: Philip Morris International
September 2023 At the 2023 Investor Day, PMI announced that no share repurchases are foreseen in the 2024-26 period as it prioritizes debt reduction. By
September 29, 2023
PMI – 2023 Investor Day: Preview
PMI will host an Investor Day on Sept 28, 2023 – the first one since Feb 2021. This is an opportunity for the PMI Management
September 22, 2023
PMI: Board Appointment
Philip Morris International (PMI) appointed Victoria Harker, an experienced US public-company CFO, to its Board of Directors (effective January 1, 2024). This appointment is important & meaningful. In
September 19, 2023
PMI: Not All Roses
Sell-side analysts believe that Philip Morris International (PMI)’s healthy business fundamentals and encouraging growth outlook aren’t yet reflected in the share price. The average analyst
September 5, 2023
Dividends: Altria
Another dividend hike Altria increased its quarterly Dividend by 4.3% to $0.98/share on August 24, 2023. The new annualized dividend rate is $3.92 per share,
August 26, 2023
Largest Tobacco Companies: Revenue
Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e.
August 19, 2023
Altria: Q2 2023 Results
Top-line & Bottom-line Results Revenue: $5.44Bn (exp. $5.43Bn; up +1.2% vs. Q2 2022) EPS: $1.31 (exp. $1.30; up 4% vs. Q2 2022) Reaffirms the FY23
August 1, 2023
Altria – Q2 2023: What to watch out for?
Release date: August 1, 2023 (Tuesday) – 9:00am ET Sell-side consensus Revenue: $5.43Bn (+1% vs. $5.37Bn in Q2 2022) EPS: $1.30 (+3% vs. $1.26 in
July 29, 2023
BAT: H1 2023 Results
Top-line – Revenue: £13.44Bn (vs. £13.3Bn expected) – Revenue up +2.8% (New Categories up +27.9%) – Revenue from New Categories: 12.3% of total Bottom-line –
July 26, 2023
PMI: Q2 2023 Results
Key Business Metrics Revenue: up +10.5% to $8.97Bn (expected $8.7Bn) Adjusted diluted EPS: up +16.9% to $1.60 (expected $1.48) Total volume: up +3.3% to 188.4Bn
July 20, 2023
PMI – Q2 2023: What to watch out for?
Guidance & Expectations EPS (adjusted diluted): $1.42-$1.47, including an unfavorable FX impact of $0.13/share (revised as “towards the top-end” at the DB conference) Heated Tobacco
July 15, 2023
BAT: Trading Update
Key Highlights – On track to meet FY23 guidance – Disappointing US combustibles performance: but, the volume share has grown sequentially since the start of
June 6, 2023
Imperial Brands: H1 2023 Results
Top-line & Bottom-line results Adjusted: at constant currencies, excluding Russia – Volume: -6.8% (including the Russia exit, -12.7%) – Robust combustible pricing: +9.3% (partially offset
May 16, 2023
BAT: CEO Appointment
May 2023: New CEO The Board announces that – the current CEO is stepping down from the Board of Directors with immediate effect – the
May 15, 2023
Japan Tobacco: Q1 2023 Results
Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue +6.3% (positive pricing contributions) Operating profit +4.6% (lower
May 2, 2023
Altria: Q1 2023 Results
Top-line & Bottom-line results Revenue: down -1.2% to $4.76Bn in Q1 2023 (expected $4.9Bn) Adjusted diluted EPS: up +5.4% to $1.18 in Q1 2023 (expected
April 27, 2023
PMI: Q1 2023 Results
Bottom-line results & Volume progression Revenue: up +3.2% to $8.02Bn in Q1 2023 (expected $8.11Bn) Adjusted diluted EPS: down -4.4% to $1.38 in Q1 2023
April 20, 2023
Imperial Brands: Interim Update
Guidance On track to meet full-year guidance H1 2023 Revenue (excl. the impact of Russia exit) & Operating Profit: at a similar level to H1
April 13, 2023
Altria: Investor Day
2023-2028: 5-year Guidance – Mid-single digit annual EPS growth (in line with the 5% EPS growth posted in 2022, but significantly lower than the 8.8%
March 23, 2023
Altria: Business Development
NJOY acquisition – confirmed Altria acquires NJOY for ~$2.75Bn in cash. The Transaction terms also include additional $500Mn in cash payments that are contingent on
March 3, 2023
Vector Group: Q4 & FY22 Results
Great progress in transitioning Montego brand strategy from volume-based to income-based, resulting in profitability turnaround (recall: Montego is Vector’s largest brand since Q2 2022 and
February 15, 2023
Japan Tobacco: FY22 Results
Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Core revenue: up +4.8% (RRP revenue: up +4.4%) Operating
February 14, 2023
KT&G: FY22 Results & Key Developments
In FY22, KT&G posts record earnings, largely on upbeat sales of heat-not-burn tobacco products in Korea & overseas. Total cigarette and HnB volume reaches 101.5Bn
February 10, 2023
PMI: Q4 & FY22 Results
Bottom-line results & Volume progression EPS: up +20.8% to $1.23 in Q4; up +11.9% to $5.34 in FY22 Total volume: +2.6% in Q4; 3.2% in
February 9, 2023
BAT: H2 & FY22 Results
Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +2.3% (New Category net revenue up +37%) Operating profit up +4.3%; operating margin +90
February 9, 2023
Altria: Q4 & FY22 Results
Top-line & Bottom-line results Revenue: down -0.1% to $5.08Bn in Q4 (expected $5.15Bn); down -2% to $20.7Bn in FY22 Adjusted diluted EPS: up +8.3% to
February 1, 2023
Imperial Brands: FY22 Results
Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +1.5% (NGP net revenue up +10.8%) Operating profit up +1.8% EPS up +4.9% Key
November 15, 2022