Altria Group (MO) Tops Q2 EPS by 3c, Offers FY Guidance

Altria Group (NYSE: MO) reported Q2 EPS of $1.09, $0.03 better than the analyst estimate of $1.06. Revenue for the quarter came in at $5.06 billion versus the consensus estimate of $5.08 billion.

GUIDANCE:

Altria Group sees FY2020 EPS of $4.21-$4.38, versus the consensus of $4.28.

• Altria reestablishes 2020 full-year earnings guidance based on a better understanding of COVID-19 impacts on adult tobacco consumer purchasing behavior and an additional quarter of ABI earnings contributions.
• Altria expects its 2020 full-year adjusted diluted EPS to be in a range of $4.21 to $4.38, representing a growth rate of 0% to 4% from an adjusted diluted EPS base of $4.21 in 2019.
• While the 2020 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. Altria will continue to monitor ABI performance and conditions for adult tobacco consumers, including unemployment rates, disposable income (which may be impacted by potential changes in government stimulus and unemployment payments) and purchasing behaviors.
• Altria is not reinstating its 2020 to 2022 compounded annual adjusted diluted EPS growth objective at this time.
• Altria revises its 2020 estimated full-year domestic cigarette industry adjusted decline rate to be in a range of 2% to 3.5% from a range of 4% to 6% based on better year-to-date industry performance and expectations for continued category resilience.
• Altria expects its 2020 full-year adjusted effective tax rate to be in a range of 24% to 26%.
• Altria continues to expect 2020 capital expenditures of between $200 million and $250 million and depreciation and amortization expenses of approximately $240 million.

For earnings history and earnings-related data on Altria Group (MO) click here.

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