Cigarette maker Altria Group on Thursday reported third-quarter earnings that missed Wall Street estimates as its revenue fell.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.28 adjusted vs. $1.30 expected.
- Revenue: $5.41 billion vs. $5.59 billion expected.
Ahead of its earnings release, the Marlboro maker announced a strategic partnership with Japan Tobacco to develop smoke-free tobacco products, which it said remains largely undeveloped in the U.S. The move comes after Altria in July slashed the value of its $13 billion stake in Juul to less than 5% of its original value.
“We are excited to begin a new partnership with JT Group, a leading international tobacco company,” said Billy Gifford, Altria’s chief executive officer. “We believe this relationship can accelerate harm reduction for adult smokers across the globe.”
Last week, Altria also said that Philip Morris International had agreed to pay $2.7 billion for the exclusive right to sell IQOS smokeless tobacco heating devices in the United States.
For 2022, the company also narrowed its earnings per share guidance to be in the range of $4.81 to $4.89, representing a growth rate of 4.5% to 6% from 2021.
It had previously forecast full-year adjusted diluted earnings per share in a range of $4.79 to $4.93.
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