Cigarette and tobacco manufacturer Altria maintained full-year earnings guidance.
Photograph by Daniel Acker/Bloomberg
reported first-quarter earnings that beat the average analyst estimate and reaffirmed full-year estimates despite a slight revenue dip from the year-quarter.
The cigarette and tobacco manufacturer reported first-quarter revenue of $5.89 billion. Revenue excluding excise taxes was $4.82 billion, a decline of 1.3% from a year earlier and below Wall Street expectations of $4.88 billion, according to FactSet. Altria (ticker: MO) also reported adjusted earnings of $1.12 a share, ahead of analysts’ expectations of $1.09.
Net revenue decreased 2.4% from the year-earlier quarter, which the company attributes to the sale of its wine business in October 2021.
According to Altria CEO Billy Gifford, the company continues to pursue a vision to “lead the transition of adult smokers to a smoke-free future.” One attempt to complete this goal has been put on pause, with the ongoing halt of the sale of heated tobacco product IQOS, which is advertised as an alternative to traditional smoking.
Despite the ban, which according to Altria is anticipated to continue throughout the year, the company kept its full-year earnings guidance range at $4.79 to $4.93 a share.
Altria stock was down 1.7% in the premarket on Thursday to $54. The stock has gained 15.9% year to date.
Write to Angela Palumbo at email@example.com