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Msg  12936 of 12952  at  6/11/2020 10:57:46 PM  by


PM updates Q2 guidance

PM presented at a Deutsche Bank conference today and updated their second quarter guidance. The presentation slides can be found on PM's website HERE.
Basically it mirrors what BAT just said in their update. Sales in developed markets and Eastern Europe are holding up well. Sales in emerging markets are suffering due to Covid-19 lock-downs and reduced wages driving reduced cigarette consumption, which will make revenue decline at the high end of their guided 8-12% in the second quarter. The good news is that developed markets are more profitable and IQOS sales are holding up well, so the bottom line profit impact will not be large.
Also, as I stated, with the weakening dollar the negative currency impact is going down, with PM now expecting a negative 7 cents in the second quarter versus 12 cents previously.
Combined, PM expects 2nd quarter EPS to come in at the high end of their previous guidance of $1.00 to $1.10. They also emphasized an "unwavering commitment" to their dividend. 

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Msg # Subject Author Recs Date Posted
12937 Re: PM updates Q2 guidance Rice1 0 6/16/2020 6:20:28 AM

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