Altria (NYSE:MO) shares are in the green today after the Marlboro cigarettes maker delivered an improved second-quarter bottom line. Revenue rose 1.3% year-over-year to $5.44 billion and was largely in line with estimates. EPS at $1.31 though came in ahead of expectations by $0.01.
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Owing to higher inflation and changing consumer behaviors, Altria saw lower net revenue in the smokeable products segment. Nonetheless, a combination of fewer outstanding shares and higher adjusted operating income helped the company deliver a 4% EPS growth.
Further, Altria is maintaining a focus on Moving Beyond Smoking and plans to put into action its commercial plan for the recently completed NJOY acquisition in the second half of the year. Looking ahead, for full-year 2023, Altria expects adjusted EPS to range between $4.89 and $5.03
Overall, the Street has a $47.58 consensus price target on Altria alongside a Hold consensus rating. Shares of the company have been range-bound over the past year, delivering modest gains of 3.1% during this period.
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