Altria Group, Inc. (NYSE:MO) stock was down in Thursday’s early deals after the Marlboro and Philip Morris owner revised down its full-year outlook as third-quarter financials came in slightly lower than forecast.
The tobacco products company generated $5.28 billion of adjusted revenue (after excise taxes), versus consensus of $5.48 billion, and reported earnings per share of $1.28 versus Wall Street forecasts of $1.28.
Guidance for 2023 was sharpened to $4.91 to $4.98 for earnings per share, narrowed down from $4.89 to $5.03.
“Our highly profitable traditional tobacco businesses were resilient in a dynamic operating environment during the third quarter and first nine months, providing fuel for our business transformation and significant cash returns to our shareholders,” chief executive Billy Gifford said in a statement.
“I believe we have the appropriate strategies and people in place to execute our growth plans.”
In New York, Altria was down 70 cents or 1.63% to $42.12.