Altria Group reported strong first-half results with adjusted diluted earnings per share growth of 4.9% and raised the low end of its full-year guidance. The company returned nearly $3.9 billion to shareholders through dividends and share repurchases, while its On+ nicotine pouch product expanded to 120,000 stores nationwide, driving sequential retail share gains of 0.8 points. Smokable products segment adjusted operating companies income grew 2.4% in the second quarter and 4.2% in the first half, with margins expanding to 64.8% and 64.9% respectively. However, the oral tobacco products segment saw adjusted operating companies income decline 8% in the second quarter due to strategic investments behind On+ and difficult prior-year comparisons, and Marlboro's overall retail share declined 1.5 share points year-over-year amid trade-down dynamics. CEO Sal Mancuso noted that the national expansion of the 12-milligram On Plus and flavor extensions will require investment, but the company feels good about narrowing guidance and looks forward to the second half.
Altria GroupAltria raised low end of full-year EPS guidance after strong first-half earnings growth and returned $3.9B to shareholders.