- Marlboro maker Altria Group Inc (NYSE:MO) reported a second-quarter FY22 sales decline of 5.7% year-on-year, to $6.54 billion, beating the consensus of $5.41 billion.
- Revenue for smokeable products decreased 2.9%, and oral tobacco products fell 4%.
- Gross profit declined 1.8% Y/Y to $3.6 billion. The operating income for the quarter decreased 2.5% to $3.1 billion.
- Adjusted EPS of $1.26 beat the analyst consensus of $1.25.
- Altria held $2.6 billion in cash and equivalents as of June 30, 2022. The total debt of Altria amounted to $27.6 billion.
- Outlook: Altria reaffirmed the FY22 adjusted EPS forecast of $4.79 – $4.93 versus the consensus of $4.83.
- “Our tobacco businesses performed well in a challenging macroeconomic environment for the first half of the year,” said CEO Billy Gifford.
- Price Action: MO shares are trading higher by 0.81% at $44.42 on the last check Thursday.
Abaca And Pacific Valley Bank Partner To Deliver ‘The Highest Quality Banking Experience To The California Cannabis Industry’
Abaca and Pacific Valley Bank (OTCPK:PVBK), are partnering to expand access to cannabis banking in the California market.
