Altria Group Reaffirms 2023 Earnings Guidance

(RTTNews) - Altria Group, Inc. (MO) reaffirmed guidance to deliver 2023 full-year adjusted EPS in a range of $4.98 to $5.13. This range represents an adjusted EPS growth rate of 3% to 6% from a $4.84 base in 2022.

First quarter net earnings was $1.79 billion, down 8.8% from last year. Reported EPS decreased 7.4% to $1.00, primarily driven by loss on the disposition of JUUL equity securities, higher tobacco and health and certain other litigation items, partially offset by 2022 changes in the estimated fair value of former investment in JUUL equity securities, favorable interest expense and fewer shares outstanding.

First quarter adjusted EPS increased 5.4% to $1.18, primarily driven by fewer shares outstanding, higher adjusted earnings from investment in ABI and favorable interest expense. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.18, for the quarter. Analysts' estimates typically exclude special items.

Net revenues decreased 2.9% to $5.7 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 1.2% to $4.8 billion. Analysts on average had estimated $4.9 billion in revenue.

Billy Gifford, Altria's CEO said: "Our tobacco businesses performed well in a challenging macroeconomic environment. We delivered strong adjusted diluted EPS growth of 5.4%, and we announced exciting progress toward our Vision."

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