Altria Group, Inc. (Altria) has reported its 2022 fourth-quarter and full-year business results, calling 2022 “an exciting year”, according to a company press release.
The company’s net revenue for the last quarter decreased by 2.3 per cent to USD 6.1 billion and by 3.5 per cent to USD 25.1 billion for the full year 2022.
Reported diluted EPS increased 70.5 per cent to USD 1.50 for the fourth quarter, primarily driven by favourable income tax items, 2021 Cronos-related special items, higher reported operating companies income (OCI), 2021 ABI-related special items, fewer shares outstanding and favourable interest expense, partially offset by 2022 changes in the estimated fair value of our investment in JUUL (including the corresponding adjustment for a tax valuation allowance). For the full year, Reported diluted EPS increased 100 per cent to USD 3.19 primarily driven by lower reported losses from its investment in ABI (due primarily to a lower impairment of our investment in ABI), favourable income tax items, 2021 losses on early extinguishment of debt, lower losses from Cronos-related special items, higher reported OCI, fewer shares outstanding and favourable interest expense, partially offset by 2022 changes in the estimated fair value of our investment in JUUL.
Smokeable products segment reported domestic cigarette shipment volume decreased 12.1 per cent for the fourth quarter and decreased 9.7 per cent for the full year, primarily driven by the industry’s decline rate and retail share losses.
“It was an exciting year for Altria as our businesses delivered strong financial performance, and we continued to strategically invest toward our Vision,” said Billy Gifford, Altria’s Chief Executive Officer.
“Our plans for 2023 include a continuation of our strategy to balance earnings growth and shareholder returns with strategic investments toward our Vision. We expect to deliver 2023 full-year adjusted diluted EPS in a range of USD 4.98 to 5.13, representing a growth rate of 3 per cent to 6 per cent from a base of USD 4.84 in 2022.”