Altria Group shares are slightly lower Tuesday after the firm posted second-quarter results roughly in line with analyst expectations.
The tobacco company reported adjusted revenue of $5.44 billion, up 1% year-over-year but just short of Zacks’ consensus projection of $5.45 billion. Net income was $2.12 billion, and adjusted earnings came to $1.31 per share, up 4% from 2022 and in line with expectations.
Shares of the Phillip Morris parent fell 0.7% to $45.13 on Tuesday afternoon.
“We had a solid first half of the year and we continue on our exciting journey towards Moving Beyond Smoking,” CEO Billy Gifford said in a statement. “We completed our acquisition of NJOY and delivered strong business results, growing adjusted diluted EPS by 5% in the first half. And we returned $3.8 billion to shareholders while investing in pursuit of our vision.”
Looking ahead, Altria reiterated its full-year adjusted earnings guidance of between $4.89 and $5.03 per share, which would represent growth of 1% to 4% year-over-year.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel