On Thursday, Altria (MO.US) continued its decline, dropping over 7% to $57.07, marking a 14% pullback from its August all-time high. The company reported Q3 adjusted earnings per share (EPS) of $1.45, up 4% year-over-year from $1.40 and in line with market consensus. However, net revenue fell 1.7% to $5.25 billion, missing expectations by $50 million, as higher pricing failed to fully offset volume declines. Combustible product volumes dropped 8.0%, while oral tobacco product volumes fell 9.6%.

Altria raised its full-year adjusted EPS guidance to $5.37–$5.45 from $5.35–$5.45, implying Q4 adjusted EPS of $1.25–$1.33 versus the current consensus of $1.33. Management noted that growth in Q4 is expected to slow due to diminishing benefits from the accelerated share repurchase program in 2024 and the expiration of the Master Settlement Agreement legal fund.