Altria Group Q2 Adj. Profit Beats Estimates, Reaffirms FY22 EPS Guidance

(RTTNews) - Altria Group, Inc. (MO) Thursday reported a sharp decline in second-quarter net profit compared to the prior year. Revenue for the quarter were down 5.7 percent. The tobacco business firm reaffirmed its guidance for full-year 2022 adjusted earnings per share.

The company reported quarter net income attributable to the company of $891 million, down 58.5 percent from $2.149 billion a year ago. On a per share basis, earnings were $0.49, compared to $1.16 per share last year. Adjusted earnings for the second quarter were $1.26. On average, 13 analysts polled by Thomson Reuters expected the company to earn $1.23 per share.

Revenue for the period were $6.543 billion, lower than $6.936 billion in the previous month. Analysts were looking for $5.41 billion.

Looking ahead to the full year, the company reaffirmed earnings per share in a range of $4.79 to $4.93 that represents adjusted earnings per share growth rate of 4 to 7 percent from a $4.61 base in 2021. Analysts are looking for earnings of $4.83 per share on revenue of $20.9 billion.