Altria Group (NYSE: MO) reported Q2 EPS of $1.31, $0.03 worse than the analyst estimate of $1.34. Revenue for the quarter came in at $5.28 billion versus the consensus estimate of $5.4 billion.

GUIDANCE:

Altria Group sees FY2024 EPS of $5.07-$5.15, versus the consensus of $5.10.

We expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year. Our guidance includes the impact of two additional shipping days in 2024, both of which occur in the second half, and assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market.

While our 2024 full-year adjusted diluted EPS guidance accounts for a range of scenarios, the external environment remains dynamic. We will continue to monitor conditions related to (i) the economy, including the cumulative impact of inflation, (ii) adult tobacco consumer (ATC) dynamics, including purchasing patterns and adoption of smoke-free products, (iii) illicit e-vapor enforcement and (iv) regulatory, litigation and legislative developments.

Our 2024 full-year adjusted diluted EPS guidance range includes planned investments in support of our Vision, such as (i) marketplace activities in support of our smoke-free products and (ii) continued smoke-free product research, development and regulatory preparation expenses.

We now expect our 2024 full-year adjusted effective tax rate to be in a range of 24.0% to 25.0%.

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