Altria Reports Results

Altria Group reported net revenues of $6.21 billion for the second quarter of 2024, down 4.6 percent from the comparable 2023 quarter. Revenue net of excise taxes declined 3 percent to $5.28 billion.

The company attributed the decreases to lower net revenues in the smokeable products segment, partially offset by higher net revenues in the oral tobacco products segment.

“Altria’s momentum continues to build as we pursue our vision to responsibly lead the transition of adult smokers to a smoke-free future,” said Altria CEO Billy Gifford in a statement.

“In the second quarter, our companies’ innovative smoke-free products delivered strong share and volume performance, and we hit meaningful milestones that we believe set us up for future success. Njoy received the first and only marketing granted orders from the FDA for menthol e-vapor products, and we submitted PMTA applications to the FDA for next generation Njoy and On! products.

“Our traditional tobacco businesses also remained resilient, despite a challenging operating environment. Our highly cash generative businesses supported continued investments in our innovative product efforts, and we returned significant value to shareholders during the first half of the year, with more than $5.8 billion delivered to shareholders through share repurchases and dividends.”