Reported 3 months ago
Altria's recent quarterly earnings fell short of expectations, reporting a dip in revenue and profit as cigarette demand remains sluggish. The tobacco company faced a 13% drop in cigarette shipments, as consumers shift towards cheaper alternatives, and its adjusted earnings per share of $1.31 missed the forecast of $1.35. Despite a rise in its vaping product shipments following FDA authorization for its menthol NJOY vapes, competition and promotions have pressured overall revenue, leading Altria to narrow its annual profit forecast.
Source: YAHOO