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Jun 30, 2024
Altria Q2 2024 Earnings Report
Altria reported mixed results in Q2 2024, with innovative smoke-free products showing strong performance amidst a challenging operating environment.
Key Takeaways
Altria's Q2 2024 results showed resilience in traditional tobacco businesses despite a challenging environment. Innovative smoke-free products, particularly NJOY, demonstrated strong share and volume growth. The company narrowed its full-year adjusted diluted EPS guidance to a range of $5.07 to $5.15, representing a 2.5% to 4.0% growth rate from 2023.
NJOY consumables shipment volume increased 14.7% sequentially to 12.5 million units.
NJOY devices shipment volume increased 80.0% sequentially to 1.8 million units.
NJOY retail share in the U.S. multi-outlet and convenience channel increased 1.3 share points sequentially to 5.5%.
Altria narrowed its full-year 2024 adjusted diluted EPS guidance to $5.07 - $5.15.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Altria narrowed its guidance for 2024 full-year adjusted diluted EPS to be in a range of $5.07 to $5.15, representing a growth rate of 2.5% to 4.0% from a base of $4.95 in 2023. The guidance includes the impact of two additional shipping days in 2024 and assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market.
Positive Outlook
- Two additional shipping days in 2024, both of which occur in the second half.
- Limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market.
- Planned investments in marketplace activities in support of smoke-free products.
- Continued smoke-free product research, development and regulatory preparation expenses.
- Expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year.
Challenges Ahead
- Dynamic external environment related to the economy, including the cumulative impact of inflation.
- Adult tobacco consumer dynamics, including purchasing patterns and adoption of smoke-free products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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