Altria Group Inc.'s stock (MO, -0.84%) experienced a 1.3% increase in premarket trading following the tobacco company's announcement of a new $1 billion share buyback program that aligns with analyst predictions for adjusted earnings. Despite a decline in fourth-quarter profit by 23% to $2.06 billion, or $1.16 a share, from $2.69 billion, or $1.50 a share, in the year-ago quarter, Altria achieved an adjusted fourth-quarter profit of $1.18 a share - consistent with the FactSet consensus estimate.
While revenue experienced a slight dip of 1.2% to $5.02 billion, falling just short of the analyst estimate of $5.06 billion, Altria remains optimistic about future performance. For the full-year of 2024, the company anticipates adjusted earnings between $5.00 a share and $5.15 a share, slightly below the analyst estimate of $5.07 a share. Altria attributes this guidance to the inclusion of two additional shipping days in 2024 and the assumption of minimal impact from enforcement efforts in the illicit e-vapor market on combustible and e-vapor volumes.
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