Altria Group, Inc. has announced its second quarter and first-half business results with increased net revenues driven by higher net revenues in all reportable segments, according to a company press release.

Compared to the same time period last year, the company's net revenue for the second quarter increased by 8.9 per cent to USD 6.9 billion and by 1.9 per cent to USD 13 billion for the first half, driven by higher net revenues in all reportable segments. Revenues net of excise taxes increased 10.9 per cent to USD 5.6 billion for Q2 and 3.8 per cent to USD 10.5 billion for the first half year.
For the second quarter, reported diluted EPS increased 11.5 per cent to USD 1.16, primarily driven by higher reported operating companies income (OCI), an increase in the estimated fair value of Altria’s investment in JUUL and lower net charges on ABI-related special items. These drivers were partially offset by unfavourable Cronos-related special items. Adjusted diluted EPS increased 12.8 per cent to USD 1.23, primarily driven by higher adjusted OCI.
“Altria delivered outstanding results in the second quarter, thanks to the continued strength of our tobacco businesses and the hard work of our highly talented employees,” said Billy Gifford, Altria’s Chief Executive Officer. “Our teams have continued their commitment to Moving Beyond SmokingTM by deepening their understanding of adult tobacco consumer preferences, expanding the awareness and availability of our smoke-free product portfolio, and amplifying our voice on harm reduction within the scientific and public health communities.”
“With our strong financial performance in the first half, we have raised the lower end of our full-year 2021 adjusted diluted EPS guidance range and now expect full-year adjusted diluted EPS to be in the range of USD 4.56 to USD 4.62, representing a growth rate of 4.5 per cent to 6 per cent from a USD 4.36 base in 2020. This updated guidance reflects continued confidence in our tobacco businesses, investments in smoke-free products and the expected impact of the recently announced agreement to sell our Ste. Michelle Wine Estates business.”