Philip Morris International Inc. (NYSE:PM) Q2 2024 Results Conference Call July 23, 2024 9:00 AM ET
Company Participants
James Bushnell - VP, IR, and Financial Communications
Emmanuel Babeau - Chief Financial Officer
Conference Call Participants
Gaurav Jain - Barclays
Bonnie Herzog - Goldman Sachs
Matt Smith - Stifel
Faham Baig - UBS
Owen Bennett - Jefferies
Callum Elliott - Bernstein
Priya Ohri-Gupta - Barclays
Operator
Good day, and thank you for standing by. Welcome to the Philip Morris International Inc. 2024 Second 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 and Financial Communication. Please go ahead.
James Bushnell
Welcome. Thank you for joining us. Earlier today, we issued a press release containing detailed information on our 2024 second 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 July 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.
It is now my pleasure to introduce Emmanuel Babeau, our Chief Financial Officer. Over to you, Emmanuel.
Emmanuel Babeau
Thank you, James, and welcome everyone.
Our business delivered another outstanding performance in the second quarter of 2024. Our categories were strong across the board to deliver a record H1 on organic top-line growth and on organic OI growth, excluding the pandemic recovery year of 2021.
The strong underlying momentum of IQOS continued in Q2, with shipment and adjusted IMS volume growth above or in line with our expectations. This reflects another quarter of strong progress in Japan and robust fundamentals in Europe, despite the volatility of the characterizing flavor ban. With pricing, manufacturing efficiencies and scale benefits, the expanding profit contribution of IQOS is driving excellent growth for PMI.