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Altria Group
shares were falling after the maker of Marlboro cigarettes narrowed guidance for the year.
Altria
(ticker: MO) revised its adjusted earnings guidance for 2023 to a range of $4.91 to $4.98 a share from a previous call for $4.89 to $5.03, writing that “the external environment remains dynamic.”
The company also posted third-quarter adjusted earnings of $1.28 a share, missing Wall Street estimates of $1.29, according to FactSet. Net revenue was $6.28 billion. Revenue net of excise taxes was $5.3 billion.
“I believe we have the appropriate strategies and people in place to execute our growth plans,” said CEO Billy Gifford in the earnings release. “I continue to believe that we can achieve our Vision and create long-term value for our shareholders.”
Shares were down 0.9% to $42.44 in premarket trading. Coming into Thursday’s trading session, they have dropped 6.3%.
Write to Emily Dattilo at [email protected]
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