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HomeBusinessAltria's quarterly earnings miss estimates because the cigarette maker's income declines

Altria’s quarterly earnings miss estimates because the cigarette maker’s income declines

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The Altria Group image is displayed on a monitor on the ground of the New York Inventory Trade.

Michael Nagle | Bloomberg | Getty Photos

Cigarette maker Altria Group on Thursday reported third-quarter earnings that missed Wall Road estimates as its income fell.

What the corporate reported in comparison with Wall Road expectations, based mostly on a survey of analysts by Refinitiv:

  • Earnings per share: $1.28 adjusted vs $1.30 anticipated.
  • Revenue: $5.41 billion vs. $5.59 billion anticipated.

Shares of Altria have been down 2% in pre-market buying and selling.

The maker of Marlboro cigarettes, which is working to diversify its choices as smoking charges within the U.S. decline, has entered right into a strategic partnership with Japan Tobacco to develop smoke-free tobacco merchandise forward of its earnings launch. Additionally introduced.

The transfer comes after Altria slashed the worth of its $13 billion stake in troubled vaping firm Juul to lower than 5% of its authentic worth in July amid a regulatory crackdown on the merchandise. Though Altria retains a 35% stake in Jul, it exercised its choice to be launched from its non-compete obligations with the corporate final month.

“We’re excited to start a brand new partnership with JT Group, a number one worldwide tobacco firm,” stated Billy Gifford, Altria’s Chief Government Officer. “We consider this relationship can speed up hurt discount for grownup people who smoke worldwide.”

Final week, Altria additionally stated that Philip Morris Worldwide had agreed to pay $2.7 billion for the unique proper to promote IQOS smokeless tobacco heating gadgets in the US.

For its third quarter, Altria reported income from excise taxes of $5.41 billion, a 2% decline from a yr in the past. Its internet revenue for the interval was $224 million, or 12 cents per share. Excluding one-time gadgets, it stated it earned $1.28 per share.

For 2022, the corporate additionally lowered its earnings per share steering to be within the vary of $4.81 to $4.89, reflecting development of 4.5% to six% from 2021.

It beforehand forecast full-year adjusted diluted earnings per share within the vary of $4.79 to $4.93.

That is breaking information. Examine again for updates.

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