Altria reported third quarter earnings that were below analysts’ expectations.
The tobacco company’s adjusted earnings came in at $1.28 per share in the quarter vs. $1.30 expected by analysts polled by Refinitiv.
Revenue in the quarter was $5.41 billion, missing analysts’ expectations of $5.59 billion.
Looking ahead, Altria narrowed its adjusted earnings per share outlook to a range of $4.81 to $4.89 (vs. prior guidance of $4.79 to $4.93) representing a growth of 4.5% to 6% from 2021.
Altria also announced a strategic partnership with Japan Tobacco to produce smoke-free tobacco products ahead of its earnings release.
"We are excited to begin a new partnership with JT Group, a leading international tobacco company," said Billy Gifford, Altria's CEO. "We believe this relationship can accelerate harm reduction for adult smokers across the globe."