Altria Group, Inc. reported its fourth-quarter and full-year 2024 financial results, announcing stable net revenues and growth in adjusted diluted earnings per share. The company provided 2025 full-year adjusted diluted EPS guidance between $5.22 and $5.37, representing a 2% to 5% increase from 2024.
Net revenues for the year were $24.0 billion, a 1.9% decrease from 2023, while revenues net of excise taxes declined by 0.3% to $20.4 billion. Reported diluted EPS increased by 43.1% to $6.54, primarily driven by a gain from the IQOS rights assignment to Philip Morris International and fewer outstanding shares. Adjusted diluted EPS grew by 3.4% to $5.12.
NJOY, Altria’s e-vapor segment, showed strong shipment growth, with consumables increasing by 15.3% in Q4 and retail share rising to 6.4%. However, regulatory challenges emerged as the U.S. International Trade Commission ruled against NJOY in a patent case filed by JUUL, potentially affecting NJOY's ACE product imports.
Altria continued its shareholder return strategy, completing a $3.4 billion share repurchase program in 2024 and authorizing a new $1 billion program for 2025. The company paid $6.8 billion in dividends over the year.
The company reaffirmed its 2028 enterprise goals, targeting mid-single-digit EPS growth, maintaining a total adjusted operating companies income margin of at least 60%, and expanding its U.S. smoke-free product portfolio. However, the rise of illicit disposable e-vapor products has challenged its ability to meet its 2028 smoke-free volume and revenue goals.
Altria reported a decline in cigarette shipment volumes, with Marlboro’s U.S. retail share decreasing to 41.3% in Q4. Meanwhile, the oral tobacco segment saw continued growth in nicotine pouches, with its on! brand increasing its category share to 8.9%.
The company remains focused on regulatory compliance, sustainability, and corporate responsibility, including ongoing investments in alternative nicotine products. It acknowledged the challenges posed by illicit e-vapor products and potential regulatory shifts, which could impact its long-term smoke-free strategy.
