Altria Clocks 3.5% Revenue Decline In Q3; Narrows FY22 EPS Forecast - Altria Group (NYSE:MO)

Altria Group Inc MO reported a third-quarter FY22 sales decline of 3.5% year-on-year to $6.55 billion.
Revenue for smokeable products decreased by 1.6%, and oral tobacco products rose by 7%.
Smokeable products segment reported domestic cigarette shipment volume decrease of 9.2%, with Marlboro down 8.8%.
Gross profit climbed 0.7% Y/Y to $3.7 billion. The operating income for the quarter increased by 5.5% to $3.1 billion.
Adjusted EPS of $1.28 missed the analyst consensus of $1.30.
Altria held $2.5 billion in cash and equivalents as of September 30, 2022. The total debt of Altria amounted to $26.3 billion.
Altria entered a strategic partnership with JT Group and expanded its heated tobacco portfolio.
Altria also reported that Jacinto Hernandez would join its Board on November 1, 2022. In addition, W. Leo Kiely III, a director since 2011, will retire from Board following the completion of his current term.
Outlook: Altria narrowed its guidance for 2022 full-year adjusted EPS to $4.81-$4.89 (prior view $4.79-$4.93) versus the consensus of $4.85.
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Price Action: MO shares are trading lower by 1.30% at $45.71 on the last check Thursday.
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