Altria (NYSE: MO), a producer of tobacco, cigarettes, and related products announced Q3 results with revenues (net of excise taxes) of $5.4 billion, down by 2.2% year-over-year, missing analysts’ estimates by $180 million.
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Adjusted earnings came in at $1.28 per share, up 4.9% year-over-year but fell short of consensus estimates of $1.3.
Billy Gifford, Altria’s CEO commented, “We are narrowing our full-year 2022 guidance and now expect to deliver adjusted diluted EPS in a range of $4.81 to $4.89, representing a growth rate of 4.5% to 6% from a base of $4.61 in 2021. We believe this range allows us the flexibility to react to marketplace conditions.”
Gifford added, “We have built a compelling portfolio in heated tobacco, enhanced our ability to compete in e-vapor and continued to strengthen on!’s position in the oral tobacco category.”