Altria Group Q1 Profit Spikes, Reaffirms FY24 Guidance

(RTTNews) - Altria Group, Inc. (MO) Thursday announced 19.1 percent increase in first quarter earnings, while revenues were down 2.5 percent from the prior year. Further, the company reaffirmed its full year adjusted earnings guidance.

The quarterly earnings were $2.129 billion, compared to $1.787 billion in the previous year. On a per share basis, earnings were $1.21, up 21 percent from $1.00 a year ago. On an adjusted basis earnings were $1.15 per share.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $1.15 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined 2.5 percent to $5.576 billion, primarily driven by lower net revenues in the smokeable products segment, compared to $5.719 billion in the prior year. Wall Street were looking for $4.71 billion.

The company reaffirmed full-year adjusted earnings per share guidance range of $5.05 to $5.17, representing a growth rate of 2 to 4.5 percent from a base of $4.95 in 2023. Analysts expects earnings of $5.08 per share.