Altria Group Inc MO reported second-quarter FY23 Revenues net of excise taxes growth of 1.2% to $5.438 billion, marginally missing the analyst consensus of $5.45 billion.
Net revenues declined 0.5% year-on-year to $6.5 billion. Revenue for smokeable products decreased by 0.9%, and oral tobacco products rose by 2.3%.
Smokeable products segment reported domestic cigarette shipment volume decrease of 8.7%, with Marlboro down 7.6%.
Gross profit climbed 2.5% Y/Y to $3.76 billion. The operating income for the quarter decreased by 6.4% to $2.91 billion.
Adjusted EPS of $1.31 was in-line with the analyst consensus.
In Q2, the company repurchased 10.4 million shares at an average price of $45.37, for a total cost of $472 million.
Altria held $874 million in cash and equivalents as of June 30, 2023. The long-term debt of Altria amounted to $24.07 billion.
Outlook: Altria reaffirmed guidance to deliver 2023 full-year adjusted EPS of $4.89-$5.03 versus the consensus of $4.52.
It sees FY23 capital expenditures of $175 million - $225 million.
Price Action: MO shares are trading higher by 0.26% at $45.54 in premarket on the last check Tuesday.
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