Altria Corporation, the official website, recently released its financial report for the fourth quarter and full year of 2023.
Altriai's net revenue in the fourth quarter of 2023 amounted to $5.98 billion, with a total net revenue of $24.48 billion for the entire fiscal year. This represents a decrease of 2.2% and 2.4% compared to the same period in 2022, respectively. The adjusted earnings per share for the fourth quarter remained unchanged at $1.18, as compared to the previous year.
According to a report released by ABC Company, the overall decline in net income was primarily attributed to a decrease in the revenue of the combustible tobacco products division. This decrease partially offset the increase in net income observed in the oral tobacco products division.
Ocheria expects its adjusted earnings per share for the full year of 2024 to be within the range of $5.00 to $5.15. This represents a growth rate of 1% to 4% compared to the baseline of $4.95 in 2023.
Billy Gifford, Chief Executive Officer of Orchia, has stated that electronic vaping products continue to be the most popular smoke-free products, with a growth of approximately 35% last year. However, a significant portion of this growth comes from illegally flavored disposable products, which account for half of the market share. Gifford stated, "The current state of the market is unacceptable for both legitimate manufacturers and consumers. These products are distributed by companies that have violated almost all regulations and guidelines issued by the US Food and Drug Administration since 2016.
Investors should take note that Altriai has enhanced shareholder returns through share buybacks and dividend payments.
In 2023, Ochiya repurchased 22.7 million shares at an average price of $43.96, returning $1 billion in cash to shareholders. The company's board of directors has now authorized a new $1 billion stock repurchase plan, expected to be completed by the end of 2024.
In August of last year, AAltria increased its dividend by 4.3%, marking the 58th dividend growth in the past 54 years. According to the financial report, dividends paid in the fourth quarter amounted to $1.7 billion, while dividends projected for 2023 are estimated at $6.8 billion.
In 2018, Altria acquired a 35% stake in e-cigarette company JUUL Labs for a total investment of $12.8 billion. However, the company faced legal challenges related to youth smoking as JUUL was accused of aggressively targeting the teenage market.
As of the end of 2022, Altria's valuation of JUUL has plummeted to only $250 million.
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