Altria Group 1Q Profit Narrows As Shipments Remain Downn

By Micah Maidenberg

Altria Group Inc. reported a decline in first-quarter profit and lowered the value of its Juul vaping brand.

The cigarette company on Thursday reported earnings attributable to the company of $1.42 billion, down from $1.55 billion. Profit fell to 77 cents from 83 cents on a per-share basis. Atria's adjusted profit was $1.07 a share.

The company generated $6.04 billion in revenue, down from $6.36 billion for the year-earlier period.

Excluding excise taxes, Altria reported $4.88 billion in revenue.

Analysts expected Altria to report an adjusted profit of $1.05 a share on $4.98 billion in revenue excluding excise taxes.

Total cigarette shipment volumes were down 12% year over year. The company's Marlboro brand fared slightly better, with volumes down 11%.

Altria said it also recorded a non-cash $200 million charge tied to the value of its Juul unit in the first quarter as it now projects "lower Juul revenues over time due to lower Juul volume assumptions resulting from a continuation of heightened competitive dynamics in the U.S. e-vapor category."

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

April 29, 2021 07:33 ET (11:33 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.