Markets
MO

Altria Reestablishes Full-Year Earnings Guidance - Quick Facts

(RTTNews) - Altria Group, Inc. (MO) reestablished 2020 earnings guidance based on a better understanding of COVID-19 impacts on adult tobacco consumer purchasing behavior and an additional quarter of ABI earnings contributions. The company expects 2020 adjusted earnings per share to be in a range of $4.21 to $4.38, representing a growth rate of 0% to 4% from 2019.

Altria said the company is currently not reinstating its 2020 to 2022 compounded annual adjusted earnings per share growth objective.

Altria revised its 2020 estimated full-year domestic cigarette industry adjusted decline rate to be in a range of 2% to 3.5% from a range of 4% to 6%. Altria continues to expect 2020 capital expenditures of between $200 million and $250 million.

Second quarter adjusted earnings per share increased 0.9% to $1.09. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.06, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net revenues decreased 3.8% to $6.4 billion, primarily due to lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 2.5% to $5.1 billion. Analysts expected revenue of $5.04 billion for the quarter.

On July 27, Altria's Board declared an increase in the quarterly dividend to $0.86 per share from $0.84 per share. The quarterly dividend will be paid on October 9, 2020 to shareholders of record on September 15, 2020. The new annualized dividend rate is $3.44 per share, an increase of 2.4% from $3.36 per share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

MO

Latest Markets Videos

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More