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Dec 31, 2023
Altria Q4 2023 Earnings Report
Altria reported fourth-quarter and full-year results for 2023 and provided full-year earnings guidance for 2024.
Key Takeaways
Altria's Q4 2023 results showed a decrease in net revenues by 2.2% to $5.975 billion, while adjusted diluted EPS remained unchanged at $1.18. The company made significant progress in enhancing its smoke-free product portfolio. For 2024, Altria expects to deliver a full-year adjusted diluted EPS in the range of $5.00 to $5.15.
Net revenues decreased by 2.2% to $5.975 billion.
Adjusted diluted EPS was unchanged at $1.18.
Completed acquisition of NJOY Holdings, Inc. on June 1, 2023, and focused on strengthening the supply chain and expanding distribution.
Board authorized a new $1 billion share repurchase program expected to be completed by December 31, 2024.
Revenue by Segment
Forward Guidance
Altria expects to deliver 2024 full-year adjusted diluted EPS in a range of $5.00 to $5.15, representing a growth rate of 1% to 4% from a base of $4.95 in 2023. Growth is expected to be weighted to the second half of the year.
Positive Outlook
- Includes the impact of two additional shipping days in 2024.
- Assumes limited impact from enforcement efforts in the illicit e-vapor market on combustible and e-vapor volumes.
- Includes planned investments in support of our Vision, such as marketplace activities in support of our smoke-free products.
- Includes continued smoke-free product research, development and regulatory preparation expenses.
- Expects 2024 full-year adjusted effective tax rate to be in a range of 24.5% to 25.5%.
Challenges Ahead
- The external environment remains dynamic.
- Conditions related to the economy, including the cumulative impact of inflation, could impact results.
- Adult tobacco consumer dynamics, including purchasing patterns and adoption of smoke-free products, could impact results.
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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