Earnings Analysis for PM: Last 3 Years

Revenue Analysis

PM’s Total Revenue has shown progressive growth over the past periods, with values moving from $8.019 billion in Q1 2023 to $9.143 billion in Q3 2023. This positive trend continued into Q4 2023 and Q1 2024, with revenues reaching $9.047 billion and $8.793 billion respectively. Operating Revenue remained consistent with the total revenue figures, indicating a stable structural earnings framework. The Gross Profit followed a similar upward trend, starting from $4.981 billion in Q1 2023 and reaching $5.988 billion in Q1 2024, highlighting efficient revenue management.

Cost Management

Cost of Revenue has been well managed but also displayed upward movement in tandem with revenue increases, from $3.038 billion in Q1 2023 to $3.195 billion in Q1 2024. In terms of Operating Expense, there was some fluctuation with $2.272 billion in Q1 2023 escalating to $2.568 billion in Q1 2024. Total Expenses rose from $5.31 billion in Q1 2023 to $5.763 billion in Q1 2024, suggesting growing costs accompanying revenue and operational scaling.

Profitability Analysis

EBITDA showed growth from $3.008 billion in Q1 2023 to $3.397 billion in Q1 2024. Operating Income too improved, indicating effective cost control and operational efficiency. Pretax Income increased from $2.479 billion in Q1 2023 to $2.731 billion in Q1 2024. Notably, Net Income has been fairly consistent, with slight fluctuation, summing up to $2.148 billion by Q1 2024.

Cash Flow Indicators

Analyzing Reconciled Depreciation, there’s an observed increase which impacts cash flow positively, suggesting more significant capital expenditure. Interest Expense appears to be stable around $299 million to $738 million over the respective quarters, pointing to consistent financial obligations without significant new borrowing.

Taxation

The Tax Rate for Calcs has varied slightly, with interesting reductions seen in some quarters, which may suggest variable profitability or tax strategies. Tax Provision has continued to fluctuate in alignment with pretax earnings and legislative changes, which were noticeable across the periods.

Shareholder Metrics

Regarding shareholder returns, both Diluted EPS and Basic EPS showed uniform trends and values, indicating stable earnings distribution practices. The count of Diluted and Basic Average Shares remained stable, ensuring that EPS didn’t get diluted across the periods. Net Income Available to Common Stockholders showed robustness, slightly increasing by the end of Q1 2024.

Conclusion

PM’s financial performance over the past three years showcases stable growth in revenues and managing costs effectively. However, with increases in both revenue and expenses, maintaining efficient operational and cost management strategies will be crucial. Continued vigilance on the rising costs and leveraging growth for profitability will be key for sustained financial health.

Appendices

Supporting financial data tables and calculations are referenced directly within the analysis. For a deeper dive, specific figures mentioned can be traced back to the detailed financial statements and notes provided earlier.