Altria Issues Mixed Q1 Report, Updates Vaping Investments

Seekingalpha2023-04-27

Altria offered a mixed Q1 earnings update as a surprise pullback in revenue prompted a top-line miss.For the reported quarter, the company notched $1.18 in earnings per share, edging expectations by ...

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The latter figure fell $130M short of expectations.“We are off to a strong start and believe our businesses are on track to deliver against full-year plans,” CEO Billy Gifford 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.”He added that the company is reaffirming full year forecasts that include full-year adjusted diluted EPS in a range of $4.98 to $5.13. The midpoint of guidance is essentially in-line with the consensus estimate at $5.05.Elsewhere, the company updated its efforts in vaping, which includes the offloading of Juul Labs (JUUL) and a takeover of NJOY for $2.75B. Management expects an update for its NJOY takeover in May 2023 as regulatory reviews continue. As for Juul, the write-down of the investment impacted quarterly performance.“As a result of the 2023 JUUL Transaction, we recorded a non-cash, pre-tax loss of $250M on the disposition of our JUUL equity securities for the three months ended March 31, 2023,” the earnings release explained. “Additionally, we considered specific facts and circumstances around the nature of intellectual property we received as part of the 2023 JUUL Transaction and determined that the fair value of the intellectual property was not material to our financial statements.”The earnings release also highlighted longer term goals, which include expansion into non-nicotine products. 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