Altria: Q1 2021 Results Quick Read (Substack Exclusive)

Flash Note (MO US) (Buy)

Altria reported Q1 2021 results this morning. Shares are up 0.3% pre-market.

Small EPS Decline in Q1, Reaffirming FY21 3-6% Growth

Altria Net Revenues fell by 3.3% and Adjusted EPS fell by 1.8% in Q1 2021:

Management reaffirmed 2021 full-year EPS guidance of $4.49-4.62, which represents year-on-year growth of 3-6% (from $4.36).

Smokeable: Large Shipment Decline, Flat OCI

In Q1 2021, adjusted for inventory, one fewer trading day, etc., U.S. cigarette industry volume fell by 2% year-on-year, and Altria’s Smokeable volume fell by 3.5%. On a reported basis, however, Smokeable volumes fell by 12.0%.

Altria Smokeables net revenues were down 4.6% and adjusted OCI was down 0.7%: