Altria Q4 Profit Beats Estimates, Expects 2023 Adj. EPS To Grow 3%-6%; Authorizes Share Repurchase

(RTTNews) - Altria Group, Inc. (MO) reported that its fourth-quarter adjusted EPS increased 8.3% to $1.18 from prior year, primarily driven by higher adjusted OCI, fewer shares outstanding and favorable interest expense. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $1.17, for the quarter. Analysts' estimates typically exclude special items.

Net earnings attributable to Altria was $2.69 billion, up 65.6% from last year. Reported EPS increased 70.5% to $1.50.

Net revenues decreased 2.3% to $6.11 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes were essentially unchanged at $5.08 billion. Analysts on average had estimated $5.15 billion in revenue.

For 2023, the company expects adjusted EPS to be in a range of $4.98 to $5.13, representing a growth rate of 3% to 6%. Analysts expect the company to report profit per share of $5.05. The company also expects 2023 capital expenditures to be between $175 million and $225 million.

The company's Board authorized a new $1 billion share repurchase program, which it expects to complete by December 31, 2023. The company completed its previously authorized $3.5 billion share repurchase program.

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