quarterly results beat expectations despite a tough broader macro environment.
(ticker: MO), the maker of Marlboro cigarettes, said it earned an adjusted $1.26 per share in the second quarter on revenue of $6.54 billion. Analysts were looking for earnings of $1.25 a share and revenue of $5.41 billion, according to FactSet.
The earnings outlook for the year was maintained. The company expects to deliver adjusted earnings of between $4.79 and $4.93 for the full year, which represents a growth rate of 4% to 7% versus 2021 earnings. Analysts expect
to generate adjusted earnings of $4.84 per share for the year.
Shares of Altria were down 0.7% to $43.73 in Thursday’s premarket trading.
Most recently, the Food and Drug Administration temporarily suspended its ban on vape products of Juul Labs. Altria owns 35% of Juul.
In the earnings press release, Altria’s CEO, Billy Gifford said, “We share the FDA’s goal to transition adult smokers away from cigarettes, but we continue to believe that harm reduction, not prohibition, is the best path forward.”
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