Summary by Moomoo AI
Altria Group reported solid Q3 2024 results, with net revenues of $6.26B, down 0.4% YoY, and adjusted diluted EPS of $1.38, up 7.8% YoY. The company reaffirmed its 2024 full-year adjusted diluted EPS guidance of $5.07 to $5.15, representing 2.5% to 4% growth from 2023.Smokeable products segment saw a 0.6% decrease in net revenues, while oral tobacco products segment increased by 5.4%. The company continued its share repurchase program, buying back 13.5M shares for $680M in Q3. Altria also announced a new "Optimize & Accelerate" initiative aimed at modernizing operations and accelerating progress towards its Vision.Altria expects to deliver at least $600M in cumulative cost savings over the next five years through this initiative, which will be reinvested to support its Vision and 2028 Enterprise Goals. The company maintains its progressive dividend goal, targeting mid-single digits dividend per share growth annually through 2028.
