Altria Group Narrows FY23 Adj. EPS Guidance Range - Quick Facts

(RTTNews) - Altria Group, Inc. (MO) narrowed its guidance for full-year 2023 adjusted EPS to be in a range of $4.91 to $4.98, representing a growth rate of 1.5% to 3% from adjusted EPS base in 2022.

Third quarter net earnings was $2.17 billion compared to $224 million, last year. Reported EPS increased to $1.22 from $0.12, primarily driven by impairment of investment in ABI in 2022 and 2022 charges related to former investment in JUUL Labs, Inc. equity securities, partially offset by unfavorable income tax items. Adjusted EPS was unchanged at $1.28, as lower adjusted OCI was offset by fewer shares outstanding. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $1.22, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net revenues decreased 4.1% to $6.3 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 2.5% to $5.3 billion. Analysts on average had estimated $5.12 billion in revenue.

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