Altria Group, Inc. released its Q3 and nine-month earnings report for 2024 on its official website. The report shows that Q3 net revenue declined by 0.4% to $6.3 billion, while net revenue excluding excise taxes increased by 1.3% to $5.3 billion.
For the first nine months, net revenue dropped by 2.5% to $18 billion, and net revenue excluding excise taxes decreased by 0.9% to $15.3 billion. The revenue decline was primarily attributed to decreased net revenue in the smokeable products segment.
The report indicates that Q3 NJOY consumables shipments rose by 15.6% year-on-year, reaching 10.4 million units. NJOY device shipments doubled, up 100% to 1.1 million units. NJOY’s retail share of consumable products in the U.S. multi-channel and convenience store segments increased by 2.8% YoY, reaching 6.2%.
For the first nine months, NJOY consumable shipments totaled 33.8 million units, while device shipments reached 3.9 million units. NJOY’s retail share for consumables in the U.S. multi-channel and convenience store segments stood at 5.3%.
In Q3, nicotine pouches accounted for 43.9% of the U.S. oral tobacco category, an increase of 11.4% YoY, with on! nicotine pouches holding a 20.3% share within the nicotine pouch segment.
Over the first nine months, the nicotine pouch segment’s share of the U.S. oral tobacco market grew to 41.9%, up 12.4% YoY, while on! held a 19.1% share, marking a 3.8% decrease from the previous year.
Altria CEO Billy Gifford commented: "Altria achieved outstanding performance in the third quarter, with resilient Marlboro-driven revenue growth in the combustible products segment, and our MST brand continued to drive profitability in the oral tobacco segment while the on! brand maintained its momentum. We continue to reward shareholders through dividend growth and share repurchases while investing to pursue our vision."
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