Management remarks
Call period: 2026 Q2 · 2026-07-30
Guidance: Heather Newman: We now expect to deliver adjusted diluted EPS in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025.Demand and orders: Heather Newman: When adjusted for trade inventory movements, domestic cigarette volumes in the second quarter and the first half declined by an estimated 4.5% and 4%, respectively.Analyst Q&A
Analyst Pallav Mittal asked: Firstly, on cigarette volumes, and it's a 3-part question. So U.S. industry volumes, following up from the previous question, clearly better so far this year. Just wanted to check, are you seeing any impact from higher gas prices because even Q2 volumes were strong? Management Salvatore Mancuso answered: Yes, and we are seeing change to the price elasticity seen for a period of time, that coefficient of negative 0.35% continues to hold steady. You do see, obviously, as I pointed out in Bonnie's question, the growth of the discount category in the cigarette space, and that's consumers making trade-down decisions. But premium remains the category or the segment where most of the profitability is in the cigarette category, it's about 85% of the profitability in the cigarette category. So PM USA remains focused on that.管理层陈述
电话会期间：2026 Q2 · 2026-07-30
指引：希瑟·纽曼：我们目前预计调整后摊薄每股收益区间为5.61美元至5.72美元，较2025年的基数5.42美元增长3.5%至5.5%。需求与订单：希瑟·纽曼：若剔除贸易库存变动的影响，第二季度和上半年国内卷烟销量预计分别下降4.5%和4%。分析师问答
分析师帕拉夫·米塔尔提问：首先是卷烟销量相关的三个问题，美国行业卷烟销量今年迄今表现明显改善，想确认汽油价格上涨是否带来了任何影响？毕竟第二季度销量表现强劲。管理层萨尔瓦多·曼库索回答：是的，我们看到价格弹性较此前有所变化，负0.35%的弹性系数保持稳定。显然，折扣卷烟品类正在增长，这是消费者降级选择的结果，但高端卷烟仍是卷烟品类中盈利能力最强的细分领域，约占该品类总盈利能力的85%，菲利普莫里斯美国公司仍将专注于此。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
