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5d ago

Altria Misses Q4 EPS, Maintains 2026 Guidance as Cigarette Volumes Fall and NJOY Write-Down Hits

Price increases plus a U.S. tax rebate plan underpin management’s push to stabilize results this year.

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Packages of Marlboro cigarettes produced by Philip Morris International are seen at the grocery store in Warsaw, Poland May 29, 2024. REUTERS/Kacper Pempel
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Overview

  • Adjusted EPS came in at $1.30 versus $1.32 expected, with smokeable revenue down 2.7% and cigarette shipments down 7.9%, and shares slipped roughly 2%–5% after the report.
  • The company guided 2026 adjusted EPS to $5.56–$5.72 per share, with the midpoint above analyst estimates and growth weighted to the second half.
  • Altria recorded a $1.3 billion impairment after a patent ruling blocked NJOY Ace imports, and it does not expect NJOY to return to the U.S. market in 2026.
  • FDA authorization in December cleared several on! Plus nicotine pouch products, yet on! market share fell to about 13% as Zyn accounted for more than two-thirds of U.S. pouch sales.
  • Management plans to pursue a “double duty drawback” excise tax rebate via increased exports, including work with partners such as KT&G, and announced CEO Billy Gifford will retire in May with CFO Salvatore Mancuso succeeding.