Altria Group Inc.’s stock
MO,
rose 1.3% in premarket trading after the tobacco company set a new $1 billion share buyback program and matched analyst estimates for adjusted earnings. Altria said its fourth-quarter profit fell by 23% to $2.06 billion, or $1.16 a share, from $2.69 billion, or $1.50 a share, in the year-ago quarter. Altria’s adjusted fourth-quarter profit of $1.18 a share matched the FactSet consensus estimate. Revenue dipped by 1.2% to $5.02 billion, slightly shy of the analyst estimate of $5.06 billion. Looking ahead, Altria expects 2024 full-year adjusted earnings of $5.00 a share to $5.15 a share, compared to the analyst estimate of $5.07 a share. “Our guidance includes the impact of two additional shipping days in 2024 and assumes limited impact from enforcement efforts in the illicit e-vapor market on combustible and e-vapor volumes,” Altria said.
