Summary by Futu AI
Altria Group reported Q3 2024 net revenues of $6.26 billion, down 0.4% year-over-year, while adjusted diluted EPS rose 7.8% to $1.38. Smokeable products segment revenues declined 0.6% to $5.54 billion, though adjusted OCI increased 7.1% to $2.94 billion on higher pricing. Oral tobacco products saw revenues grow 5.4% to $722 million.The company reaffirmed its 2024 full-year adjusted diluted EPS guidance range of $5.00 to $5.15, representing 1-4% growth. Altria continues to make progress on its 'Moving Beyond Smoking' vision, with oral nicotine pouch on! reaching 8.9% retail share. However, the cigarette industry faces challenges from illicit e-vapor growth and inflation impacts on consumer spending.Altria completed a $2.4 billion accelerated share repurchase program in Q3 funded by proceeds from selling a portion of its ABI stake. The company raised its quarterly dividend 4.1% to $1.02 per share, targeting mid-single digit annual dividend growth through 2028. Altria aims to maintain its tobacco leadership while investing in smoke-free products to achieve its long-term vision and 2028 enterprise goals.
