Altria Group, Inc. has reported its 2023 first-quarter business results and reaffirms its guidance for 2023 full-year adjusted diluted earnings per share (EPS).

Overall, net revenues decreased 2.9 per cent to USD 5.7 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 1.2 per cent to USD 4.8 billion.
The smokeable products segment reported domestic cigarette shipment volume decreased 11.4 per cent to 18.27 billion sticks, primarily driven by the industry’s decline rate, retail share losses and trade inventory movements, partially offset by calendar differences.
Oral tobacco products segment net revenues increased 2.4 per cent, with total U.S. oral tobacco category share for on! nicotine pouches growing to 6.5 per cent and the U.S. nicotine pouch category growing to 26.2 per cent.

As a result of the 2023 JUUL Transaction, Altria recorded a non-cash, pre-tax loss of USD 250 million on the disposition of our JUUL equity securities for the three months ended 31 March 2023.

Due to the timing of Altria’s announcement of the NJOY transaction, it did not repurchase any shares in the first quarter. As of 31 March 2023, Altria had USD 1 billion remaining under the current share repurchase program, which it expects to complete by 31 December 2023.

“We are off to a strong start and believe our businesses are on track to deliver against full-year plans,” said Billy Gifford, Altria’s Chief Executive Officer. “Our tobacco businesses performed well in a challenging macroeconomic environment. We delivered strong adjusted diluted EPS growth of 5.4 per cent, and we announced exciting progress toward our Vision. We reaffirm our guidance to deliver 2023 full-year adjusted diluted EPS in a range of USD 4.98 to 5.13. This range represents an adjusted diluted EPS growth rate of 3 to 6 per cent from a USD 4.84 base in 2022.”