Altria Group, Inc. (Altria) has announced its third quarter business results for 2021, narrowing its 2021 full-year adjusted diluted earnings per share (EPS) guidance, according to a company press release.

The company's net revenue for the last quarter declined by 4.7 per cent to USD 6.8 billion, primarily driven by lower net revenues in the smokeable products segment. Revenues net of excise taxes decreased 2.6 per cent to USD 5.5 billion.
For the third quarter, reported diluted EPS decreased (+100.0) per cent to USD 1.48, primarily driven by lower reported earnings from Altria’s investment in ABI (due primarily to 2021 impairment of its investment in ABI) and lower reported operating companies income (OCI). These items were partially offset by the 2020 impairment of JUUL equity securities, an increase in the estimated fair value of Altria’s investment in JUUL, favourable Cronos-related special items, favourable net periodic benefit income, lower interest expense and fewer shares outstanding.
According to the press release, adjusted diluted EPS increased 2.5 per cent to USD 1.22, primarily driven by higher adjusted earnings from Altria’s equity investment in ABI, favourable net periodic benefit income, lower adjusted income tax rate, lower interest expense and fewer shares outstanding, partially offset by lower adjusted OCI.
“Altria continued to balance maximizing profitability from our core tobacco businesses with investing to realize our Vision of responsibly leading the transition of adult smokers to a smoke-free future,” said Billy Gifford, Altria’s Chief Executive Officer. “Our tobacco businesses performed well against difficult year-over-year comparisons and we’re encouraged by the significant retail share growth from on! in the third quarter. We also continued to reward shareholders with a strong and growing dividend and announced today the expansion of our existing USD 2.0 billion share repurchase program to USD 3.5 billion.”
“We are raising the lower-end of our full-year 2021 guidance and now expect to deliver adjusted diluted EPS in a range of USD 4.58 to USD 4.62. This range represents a growth rate of 5 per cent to 6 per cent from a USD 4.36 base in 2020.”