Altria Group, Inc. has reported its 2024 first-quarter business results and reaffirms its guidance for 2024 full-year adjusted diluted earnings per share (EPS).

Overall, net revenues decreased 2.5 per cent to USD 5.6 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 1 per cent to USD 4.7 billion.
The smokeable products segment reported domestic cigarette shipment volume decreased 10 per cent to 16.45 billion sticks, primarily driven by the industry’s decline rate (impacted by macroeconomic pressures on ATC discretionary income and the growth of illicit e-vapor products) and retail share losses.
Oral tobacco products segment net revenues increased 3.7 per cent, with total U.S. oral tobacco category share for on! nicotine pouches at 7.1 per cent, an increase of 0.7 share points and the U.S. nicotine pouch category growing to 40.1 per cent.

“We made meaningful progress in pursuit of our Vision, and our highly profitable traditional tobacco businesses continued to perform well in a challenging environment,” said Billy Gifford, Altria’s Chief Executive Officer. “In spite of the absence of an effective regulatory environment, we saw continued early momentum from NJOY and believe our businesses are on track to deliver against full-year plans.”
“We also demonstrated our continued commitment to maximizing the return on our investments and delivering strong shareholder returns through the sale of a portion of our investment in ABI and the subsequent expansion of our share repurchase program in March.”
“We reaffirm our 2024 full-year adjusted diluted EPS guidance range of USD 5.05 to 5.17, representing a growth rate of 2 to 4.5 per cent from a base of USD 4.95 in 2023.”