2024

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<p class="has-drop-cap">Altria Group, Inc. (NYSE: MO) reported its financial results for the <a href="https://www.businesswire.com/news/home/20240730496966/en/Altria-Reports-2024-Second-Quarter-and-First-Half-Results-Narrows-2024-Full-Year-Earnings-Guidance" target="_blank" aria-label="second quarter of 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">second quarter of 2024</a>, highlighting both achievements and challenges. <br><br>The company’s net revenues for the quarter were $6.2 billion, a 4.6% decrease from the same period last year. This decline was primarily driven by lower revenues in the smokeable products segment, partially offset by gains in the oral tobacco products segment. <br><br>Revenues net of excise taxes also saw a 3.0% reduction, reaching $5.3 billion. Despite these declines, the reported diluted <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share (EPS)</a> surged by 85.7% to $2.21, significantly influenced by the gain from the sale of IQOS Tobacco Heating System commercialization rights.</p>
<p>The smoke-free product portfolio, particularly NJOY, showed promising performance. NJOY consumables reported a sequential shipment volume increase of 14.7%, and NJOY devices saw an 80.0% increase. <br><br>Additionally, NJOY’s retail share in the U.S. multi-outlet and convenience channel rose by 1.3 share points to 5.5%. The company also achieved notable milestones, such as FDA marketing authorizations for four menthol e-vapor products, positioning NJOY as the first to receive such approvals.</p>
<h3 id="altria-falls-short-of-expectations-in-q2-adj-eps-1-31-against-1-34-expected">Altria Falls Short of Expectations in Q2, Adj. EPS $1.31 Against $1.34 Expected</h3>
<p>Altria’s second-quarter performance fell short of market expectations. Analysts had anticipated an EPS of $1.34 and revenue of $5.4 billion. However, the company reported an adjusted diluted EPS of $1.31, unchanged from the previous year, and net revenues of $6.2 billion.</p>
<p>This discrepancy was primarily due to lower-than-expected performance in the smokeable products segment, which saw a 5.6% decline in net revenues.</p>
<p>Despite the overall revenue shortfall, Altria’s reported diluted EPS of $2.21 far exceeded expectations, driven by a gain on the sale of IQOS Tobacco Heating System commercialization rights and fewer shares outstanding.</p>
<p>However, adjusted diluted EPS, which excludes special items, remained flat at $1.31. This indicates that the company’s core operations did not perform as well as anticipated, despite the significant gain from the IQOS sale.</p>
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<h3 id="altria-narrows-full-year-2024-guidance">Altria Narrows Full Year 2024 Guidance</h3>
<p>Altria has narrowed its full-year 2024 guidance for adjusted diluted EPS to a range of $5.07 to $5.15. This represents a growth rate of 2.5% to 4.0% from a base of $4.95 in 2023.</p>
<p>The company expects the second half of the year to be stronger, supported by two additional shipping days and limited impact from enforcement efforts in the illicit e-vapor market. The guidance reflects Altria’s confidence in its ability to navigate the challenging operating environment and continue delivering value to shareholders.</p>
<p>The company also highlighted several factors that could impact its guidance, including macroeconomic conditions, adult tobacco consumer purchasing patterns, and regulatory developments.</p>
<p>Altria plans to continue investing in its smoke-free product portfolio and expects these investments to support its vision of transitioning adult smokers to a smoke-free future. The company also anticipates its full-year adjusted effective tax rate to be in the range of 24.0% to 25.0%.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/altria-group-inc-mo-falls-short-on-expectations-in-q2-2024/">Altria Group Inc. (MO) Falls Short of Expectations in Q2 2024</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Altria Group Inc. (MO) Falls Short of Expectations in Q2 2024

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