Published on 1 Feb 2023 on MarketWatch
Altria tops earnings estimates for Q4, board approves $1 billion share buyback program
Altria Group Inc. said Wednesday it had net income of $2.690 billion, or $1.50 a share, in the fourth quarter, up from $1.624 billion, or 88 cents a share, in the year-earlier period. Excluding one-time items, the tobacco company had adjusted EPS of $1.18, just ahead of the $1.17 FactSet consensus. Revenue fell 2.3% to $6.111 billion, while FactSet was calling for $5.148 billion. The company is now expecting full-year adjusted EPS of $4.98 to $5.13, compared with a FactSet consensus of $5.04. The company’s board has approved a new $1 billion share buyback program. The stock was up 0.7% premarket but has fallen 11% in the last 12 months, while the S&P 500 has fallen 10%.