Altria Group (ticker: MO) is experiencing a decline in shares after adjusting its earnings guidance for 2023. The company now expects adjusted earnings in the range of $4.91 to $4.98 per share, compared to the previous guidance of $4.89 to $5.03. In their statement, Altria cited the dynamic external environment as the reason for the revision.
For the third quarter, the company reported adjusted earnings of $1.28 per share, slightly below Wall Street estimates of $1.29 according to FactSet. Net revenue for the quarter was reported at $6.28 billion, with revenue net of excise taxes standing at $5.3 billion.
CEO Billy Gifford expressed confidence in their growth plans, stating, “I believe we have the appropriate strategies and people in place to execute our growth plans. I continue to believe that we can achieve our Vision and create long-term value for our shareholders.”
As a result of this news, shares of Altria Group fell 0.9% in premarket trading, reaching $42.44. This decline adds to the overall drop of 6.3% prior to Thursday’s trading session.