Altria shares fell 9.3% on Thursday after the tobacco giant reported second-quarter adjusted earnings of $1.48 per share, missing Wall Street estimates by $0.02. Revenue after excise taxes rose 1.2% year over year to $5.36 billion, roughly in line with forecasts, but adjusted domestic cigarette shipment volume dropped 4.5%. The company raised its full-year adjusted earnings guidance to a range of $5.61 to $5.72 per share, yet the midpoint remains below the prior consensus estimate of $5.69. Persistent volume declines in the smokable segment and a softer-than-expected earnings outlook are fueling investor concerns about Altria's valuation.
Altria GroupQ2 earnings miss and softer-than-expected full-year guidance midpoint below consensus
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