Altria's Q3 Earnings Decline Due to Competition and Smokers Switching to Cheaper Brands
Altria Group Inc. reported its Q3 2023 earnings, with adjusted earnings per share remaining flat year over year and falling short of estimates. The company experienced a decline in net revenues, mainly due to reduced volumes in the smokeable product segment. Domestic shipment volumes for cigarettes also tumbled, attributed to macroeconomic pressure and the rise of illegitimate e-vapor products. Altria's guidance for 2023 adjusted EPS was narrowed, reflecting the company's assessment of economic factors and consumer purchasing patterns.