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Altria Group Shares Gain On Strong Q2 Earnings, Strength In Marlboro

Altria Group Shares Gain On Strong Q2 Earnings, Strength In Marlboro
  • Altria Group Inc (NYSE: MOreported second-quarter FY21 sales growth of 8.9% year-on-year, to $6.94 billion. Revenues net of excise taxes rose 10.9% to $5.61 billion, beating the analyst consensus of $5.40 billion.
  • Revenues from Smokeable products rose 8% Y/Y to $6.1 billion, Oral tobacco products increased 5% to $693 million, and Wine 27.5% to $167 million.
  • Reported cigar shipment volume increased 8.1%. Total cigarettes shipment volume rose 1.4%, with Marlboro increasing 2.5%.
  • Gross profit for the quarter rose 13.5% Y/Y to $3.7 billion.
  • The operating margin was 45.9%, and operating income for the quarter rose 14% to $3.2 billion.
  • The company held $1.88 billion in cash and equivalents as of June 30, 2021.
  • Adjusted EPS of $1.23 beat the analyst consensus of $1.18.
  • As of June 30, 2021, Altria had $1.35 billion remaining under its existing $2 billion share repurchase program, which it expects to complete by June 30, 2022.
  • Outlook: Altria raised the lower end of FY21 adjusted EPS outlook range to $4.56 - $4.62, from the previous $4.49 - $4.62, versus the consensus of $4.59.
  • Price action: MO shares are trading higher by 2.15% at $48.64 on the last check Thursday.

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