Altria Group Q1 2024: Sales Reaching $4.72 Billion, Driven by On! and NJOY

The Altria Group, Inc. announced on its official website on April 25th that its first quarter performance of 2024 exceeded expectations, driven by price increases and rising demand for alternative tobacco products. The Q1 sales revenue amounted to $4.72 billion (€4.4 billion) after deducting excise taxes. The shipment volume of nicotine pouches On! increased by 32.1% compared to the previous quarter, reaching 25.2%. The shipment volume of NJOY consumables was approximately 10.9 million units, while NJOY devices totaled around 1 million units. Retail spending in multiple stores and convenience store channels in the US increased by 4.3% in the first quarter, a 0.6% increase from the previous quarter.

The report highlights include: 

• The share of the American nicotine pouch category in the U.S. oral tobacco category has increased to 40.1%, a 13.8% rise compared to the previous year. 
• The sale of a 10% stake (approximately 35 million shares) in the top beer maker, AB InBev, accounts for about one-fifth of its total holdings. 
• The adjusted diluted earnings per share guidance range for the full year of 2024 is between $5.05 and $5.17, a 2% to 4.5% increase from $4.95 in 2023. 
• Marlboro's retail share in the total cigarette category remains at 42.0%, unchanged from the previous year.

The CEO of Altria, Billy Gifford, stated during a press conference:

We have made significant progress in pursuing our vision, our high-margin traditional tobacco business continues to perform well in a challenging environment. Despite a lack of effective regulatory environment, we see continued early momentum in NJOY and believe our business is on track to meet full-year plans. We have also demonstrated our ongoing commitment to maximizing investment returns and providing strong shareholder returns through the sale of a partial stake in ABI and subsequently expanding our stock buyback program in March.