The company said net revenues for the quarter ended March 31, 2024 were $8.8 billion, up $0.8 billion, or 9.7%, from the prior-year period, and rose 12.1% excluding currency.

1. 01

   The company said net revenues for the quarter ended March 31, 2024 were $8.8 billion, up $0.8 billion, or 9.7%, from the prior-year period, and rose 12.1% excluding currency.

2. 02

   The company said it recorded pre-tax asset impairment and exit costs of $121 million on Q1 2024 related to restructuring the sourcing of IQOS products to be commercialized in the U.S., and $47 million related to ceasing its operations in Venezuela.

3. 03

   The company said currency had an unfavorable impact of $0.20 per share on diluted earnings per share for Q1 2024, of which the devaluation of the Egyptian pound accounted for $0.09. It cited operations as a $0.37 per share increase.

4. 04

   The company said it completed its agreement with Altria Group, Inc. to end their commercial relationship in the U.S. covering IQOS as of April 30, 2024 in 2022, and that it will hold the full rights to commercialize IQOS in the U.S. thereafter. It said it made the final payment to Altria on July 14, 2023.

Key figures

Quarter ended March 31, 2024

Revenue

$8.8B

Operating income

$3.0B

Net income

$2.1B

EPS

$1.38

Gross profit

$5.6B

Operating cash flow

$241M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.