Altria Group 1Q Profit Narrows As Shipments Remain Downn
29 April 2021 - 9:48PM
Dow Jones News
By Micah Maidenberg
Altria Group Inc. reported a decline in first-quarter profit and
lowered the value of its Juul vaping brand.
The cigarette company on Thursday reported earnings attributable
to the company of $1.42 billion, down from $1.55 billion. Profit
fell to 77 cents from 83 cents on a per-share basis. Atria's
adjusted profit was $1.07 a share.
The company generated $6.04 billion in revenue, down from $6.36
billion for the year-earlier period.
Excluding excise taxes, Altria reported $4.88 billion in
revenue.
Analysts expected Altria to report an adjusted profit of $1.05 a
share on $4.98 billion in revenue excluding excise taxes.
Total cigarette shipment volumes were down 12% year over year.
The company's Marlboro brand fared slightly better, with volumes
down 11%.
Altria said it also recorded a non-cash $200 million charge tied
to the value of its Juul unit in the first quarter as it now
projects "lower Juul revenues over time due to lower Juul volume
assumptions resulting from a continuation of heightened competitive
dynamics in the U.S. e-vapor category."
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 29, 2021 07:33 ET (11:33 GMT)
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