Altria Group (MO) Misses Q1 EPS by 2c; Reaffirms
Altria Group (NYSE: MO) reported Q1 EPS of $0.90, $0.02 worse than the analyst estimate of $0.92. Revenue for the quarter came in at $4.39 billion versus the consensus estimate of $4.58 billion.
“After taking steps to position Altria for long-term success at the end of 2018, we entered 2019 with an evolved business platform that includes our strong core tobacco businesses and new strategic investments with tremendous potential for growth,” said Howard Willard, Altria’s Chairman and Chief Executive Officer. “We believe we’ve made significant progress in the first quarter on key initiatives to realize the potential of our evolved business platform.”
“As expected, Altria\'s first quarter adjusted diluted EPS declined in the mid-single digit range as we incurred higher interest expense as a result of our recently issued debt, without the full benefit of savings from our cost reduction program, which began to ramp up at the end of the quarter. We continue to expect full-year adjusted diluted EPS growth of 4% to 7%.”
Altria reaffirms its guidance for 2019 full-year adjusted diluted EPS to be in a range of $4.15 to $4.27, representing a growth rate of 4% to 7% from an adjusted diluted EPS base of $3.99 in 2018.
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