Altria Clocks 3.5% Revenue Decline In Q3; Narrows FY22 EPS Forecast

  • Altria Group Inc MO reported a third-quarter FY22 sales decline of 3.5% year-on-year to $6.55 billion.
  • Revenue for smokeable products decreased by 1.6%, and oral tobacco products rose by 7%.
  • Smokeable products segment reported domestic cigarette shipment volume decrease of 9.2%, with Marlboro down 8.8%.
  • Gross profit climbed 0.7% Y/Y to $3.7 billion. The operating income for the quarter increased by 5.5% to $3.1 billion.
  • Adjusted EPS of $1.28 missed the analyst consensus of $1.30.
  • Altria held $2.5 billion in cash and equivalents as of September 30, 2022. The total debt of Altria amounted to $26.3 billion.
  • Altria entered a strategic partnership with JT Group and expanded its heated tobacco portfolio.
  • Altria also reported that Jacinto Hernandez would join its Board on November 1, 2022. In addition, W. Leo Kiely III, a director since 2011, will retire from Board following the completion of his current term.
  • Outlook: Altria narrowed its guidance for 2022 full-year adjusted EPS to $4.81-$4.89 (prior view $4.79-$4.93) versus the consensus of $4.85.
  • Also ReadJuul Explores Possible Bailout With Investment From Its Top Investors
  • Price Action: MO shares are trading lower by 1.30% at $45.71 on the last check Thursday.
  • Photo Via Company
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Posted In: EarningsNewsGuidanceGeneralBriefs
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