Altria Group (MO) Reaffirms 2021 Full-Year Earnings Guidance
- Wall Street slips off record highs, Tesla drops after fatal crash
- IBM (IBM) Tops Q1 EPS by 14c, Revenue Beats
- Tesla's (TSLA) Musk says data logs from crashed vehicle show Autopilot was not enabled, car did not purchase FSD
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- GameStop (GME) CEO Gets the Axe as Ryan Cohen Continues to Make His Mark, Analyst Says Co. Will Likely Look to Tech Sector for New Hires
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Altria Group, Inc. (Altria) (NYSE: MO) is participating in the virtual Consumer Analyst Group of New York Conference (CAGNY) today. Billy Gifford, Altria’s Chief Executive Officer, and Sal Mancuso, Altria’s Executive Vice President and Chief Financial Officer, will discuss how Altria is Moving Beyond Smoking™, advancing its 10-Year Vision (Vision) and continuing to focus on environmental, social and governance (ESG) initiatives to create long-term shareholder value through sustainability.
“The pursuit of our Vision is about sustainability and businesses that are aligned with the responsibility expectations of our stakeholders,” said Billy Gifford. “We have an unmatched portfolio of non-combustible products in the U.S. market today that we’re rapidly expanding, we’re investing in research and development on innovative non-combustible products and we believe we can continue to deliver significant value for our shareholders while moving beyond smoking.”
In today’s presentation, Altria will announce its new corporate responsibility focus areas and share examples of its continued ESG leadership. Later today, Altria will publish the first in a series of Corporate Responsibility Progress Reports: Engage and Lead Responsibly. This report will detail Altria’s new 2025 corporate responsibility goals and can be found on altria.com.
Remarks and Presentation
The presentation is being webcast on altria.com in a listen-only mode, beginning at approximately 12:30 p.m. Eastern Time. A copy of the business presentation and prepared remarks and a replay of the webcast will be available at altria.com.
2021 Full-Year Guidance
Altria reaffirms its guidance for 2021 full-year adjusted diluted earnings per share (EPS) to be in a range of $4.49 to $4.62, representing a growth rate of 3% to 6% from an adjusted diluted EPS base of $4.36 in 2020, as shown in Schedule 1. While the 2021 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. Altria will continue to monitor conditions related to (i) unemployment rates, (ii) fiscal stimulus, (iii) adult tobacco consumer (ATC) dynamics, including stay-at-home practices, disposable income, purchasing patterns and adoption of non-combustible products, (iv) regulatory and legislative (including excise tax) developments, (v) the timing and breadth of COVID-19 vaccine deployment and (vi) expectations for adjusted earnings contributions from its alcohol assets.
Altria’s 2021 full-year adjusted diluted EPS guidance range includes planned investments in support of its Vision, such as (i) marketplace investments to expand the availability and awareness of Altria’s non-combustible products, (ii) costs associated with building an industry-leading consumer engagement platform that enhances data collection and insights in support of ATC conversion to non-combustible products and (iii) increased non-combustible product research and development expense. Altria expects 2021 adjusted diluted EPS growth to come in the last three quarters of the year, primarily due to prior year comparisons, including one fewer shipping day for the smokeable products segment in the first quarter.
The above guidance range excludes estimated per share charges in the first quarter of 2021 of $0.27 for loss on early extinguishment of debt for the February 2021 tender offers and redemption related to certain of its long-term senior unsecured notes.
Altria’s full-year adjusted diluted EPS guidance excludes the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, for example, loss on early extinguishment of debt, restructuring charges, asset impairment charges, acquisition-related costs, COVID-19 special items, equity investment-related special items (including any changes in fair value of the equity investment and any related warrants and preemptive rights), certain tax items, charges associated with tobacco and health litigation items, and resolutions of certain non-participating manufacturer (NPM) adjustment disputes under the Master Settlement Agreement (such dispute resolutions are referred to as NPM Adjustment Items).
Altria’s management cannot estimate on a forward-looking basis the impact of certain income and expense items, including those items noted in the preceding paragraph, on its reported diluted EPS because these items, which could be significant, may be unusual or infrequent, are difficult to predict and may be highly variable. As a result, Altria does not provide a corresponding U.S. generally accepted accounting principles (GAAP) measure for, or reconciliation to, its adjusted diluted EPS guidance.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Steel Dynamics (STLD) Tops Q1 EPS by 21c, Revenues Beat
- AgEagle Aerial Systems (UAVS) Announces Acquisition of Measure
- Everest Re (RE) Provides Preliminary Information on First Quarter 2021 Catastrophe Losses
Create E-mail Alert Related CategoriesCorporate News, Guidance, Management Comments
Related EntitiesRaising Prices, Twitter, Dividend, Earnings, Definitive Agreement, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!