Subscribe Login
A-Brands

Marlboro Maker Altria Sees 2021 Profit Below Estimates

Marlboro maker Altria Group Inc forecast 2021 profit below estimates on Thursday, saying it would spend more on developing and marketing noncombustible tobacco products this year, including those that can be heated.

The company forecast 2021 adjusted profit between $4.49 and $4.62 per share, lower than the Refinitiv IBES estimate of $4.63, but higher than the $4.36 adjusted per-share profit it posted last year.

Juul Investment 

Altria also said it recorded a non-cash pre-tax unrealised gain of $100 million as a result of an increase in fair value of its investment in Juul, after taking several writedowns on its $12.8 billion investment in the e-cigarette maker.

The company, which took a 35% stake in Juul in December 2018, also said its board had authorised a $2 billion share buyback program.

Net revenue rose 4.9% to $6.30 billion in the fourth quarter ended 31 December.

News by Reuters edited by Checkout. Click subscribe to sign up for the Checkout print edition.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Enjoy full access to Checkout Magazine, our weekly email news digest, access to all website and app content, and the latest digital magazine for a full 30 days.
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Enjoy full access to Checkout Magazine, our weekly email news digest, access to all website and app content, and the latest digital magazine for a full 30 days.
Enjoy unlimited digital access for 30 days