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April 29, 2021, 7:24 a.m. EDT

Altria profit beats as revenue falls short and company sticks with full-year guidance

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By Ciara Linnane

Altria Group Inc. /zigman2/quotes/208895754/composite MO -0.72% said Thursday it had net income of $1.424 billion, or 77 cents a share, in the first quarter, down from $1.552 billion, or 83 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.07, ahead of the $1.05 FactSet consensus. Revenue fell 5.1% to $6.036 billion from $6.359 billion. Revenue net of excise taxes came to $4.880 billion, just below the $4.976 billion FactSet consensus. "Against a challenging comparison, our tobacco businesses performed well in the first quarter and we continued to make progress advancing our non-combustible portfolio," said Billy Gifford, Altria's Chief Executive, in a statement. The company said it has acquired full ownership of On! oral nicotine pouches as it moves beyond smoking in a world increasingly moving away from combustible tobacco. The company said it recorded a non-cash, pre-tax unrealized loss of $200 million as a result of a decrease in the fair value of JUUL, which was affected by the coronavirus pandemic. It said Canadian cannabis company Cronos /zigman2/quotes/206842762/composite CRON -5.00% /zigman2/quotes/202715342/delayed CA:CRON -5.13% was also hurt by the pandemic, which limited access to retail stories. The company said it still expects full-year adjusted EPS to range from $4.49 to $4.62. The FactSet consensus is for EPS of $4.58. Shares were up 0.6% premarket and have gained 15% in the year to date, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.10% [ has gained 10.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.15% has gained 11.4%.

/zigman2/quotes/208895754/composite
US : U.S.: NYSE
$ 48.46
-0.35 -0.72%
Volume: 4.40M
Sept. 24, 2021 4:02p
P/E Ratio
19.81
Dividend Yield
7.43%
Market Cap
$89.36 billion
Rev. per Employee
$2.94M
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/zigman2/quotes/206842762/composite
US : U.S.: Nasdaq
$ 5.70
-0.30 -5.00%
Volume: 2.23M
Sept. 24, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.11 billion
Rev. per Employee
$70,043
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/zigman2/quotes/202715342/delayed
CA : Canada: Toronto
$ 7.21
-0.39 -5.13%
Volume: 291,514
Sept. 24, 2021 4:11p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.68 billion
Rev. per Employee
$93,949
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,798.00
+33.18 +0.10%
Volume: 256.58M
Sept. 24, 2021 5:05p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,455.48
+6.50 +0.15%
Volume: 1.69B
Sept. 24, 2021 5:05p
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