Altria MO reported its third quarter earnings on Thursday. Shares of the company are fairly neutral.
Below are some key highlights from its conference call.
Financial Progress:
• In the first nine months of 2014 Altria delivered solid adjusted diluted EPS growth of 5.5%.
• During the third quarter the Board increased our dividend by 8.3% and authorized a new $1 billion share repurchase program.
• Reaffirmed our adjusted EPS guidance of 7% to 9% for the full year 2014.
• We delivered strong adjusted operating companies income growth of 9% in the third quarter and 6.3% year-to-date driven by solid pricing.
• In the first nine months the Smokeless segment delivered 4.4% adjusted OCI growth in a competitive environment with lower industry volume growth.
• USSTC strengthened its leadership position behind the combined performance of Copenhagen and Skoal.
• For the third quarter of 2014 these two premium brands achieved their highest combined share since the acquisition of UST at 51.3 share points.
• In the third quarter Altria completed the prior $1 billion share repurchase program.
• In July 2014 the board authorized a new $1 billion program, which Altria expects to complete by the end of 2015.
• During the third quarter of 2014 Altria repurchased approximately 6.4 million shares of its common stock at an average price of $42.87, for a total cost of approximately $275 million.
• As of the end of the third quarter of 2014 Altria had approximately $778 million remaining in the current $1 billion share repurchase program.
• Altria grew third quarter adjusted diluted EPS by 6.2%.
• Altria expects to deliver adjusted diluted EPS growth of 7% to 9% in a range of $2.54 to $2.59, off an adjusted base of $2.38 per share in 2013.
• In the Smokeless Product segment, adjusted OCI grew 0.7% in the third quarter and 4.4% year-to-date.
• Copenhagen and Skoal delivered third quarter retail share of 51.3 share points, up 0.4 from last year driven by Copenhagen's retail share growth of 1.4 share points.
• Shipments increased 4.2% in the quarter and 2.5% year-to-date.
• Marlboro's price gap versus the lowest effective priced cigarette was 33%, down one percentage point.
• Marlboro's net pack price was $5.98, up $0.12. The lowest effective priced cigarette was $4.51, up $0.15. The Cigarette Discount segment's retail share was 24.9%, down from 25.3%.
• The estimated weighted average cigarette state excise tax was $1.48 per pack, up $0.01.
• Copenhagen's price gap versus the leading discount brand was 30%, down 6 percentage points.
• Copenhagen's retail price was $4.15, up $0.08.
• The price of the leading discount brand was $3.19, up $0.20.
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