By Mackenzie Tatananni

Shares of Altria Group declined Thursday after the maker of Marlboro cigarettes noted falling cigarette shipment volumes and lower revenue for its smokeable products.

Adjusted earnings of $1.45 a share came in slightly above the $1.44 analysts had anticipated. Revenue of $6.07 billion was ahead of the $5.29 billion Wall Street had forecast, but it declined 3% from the same period last year, which Altria said was "primarily driven by lower net revenues in the smokeable products segment."

The company raised the low end of its adjusted earnings guidance range to $5.37 a share from $5.35, while maintaining the high end at $5.45. Analysts are looking for $5.43 a share.

CEO Billy Gifford insisted the company's core tobacco businesses "remained resilient" as Altria simultaneously built up its smoke-free portfolio, which includes products such as nicotine pouches and smokeless tobacco.

His reassurance came even as the shipment volume of Marlboro products fell 11.7% in the quarter. For all domestic cigarette products, volume declined 8.2%.

Beyond retail share losses, Altria attributed the decrease to industry trends such as the spread of flavored disposable e-vapor products, "the majority of which we believe have evaded the regulatory process," the company added.

Shares dropped 4.2% in premarket trading Thursday. Philip Morris International, one of Altria's biggest competitors, traded flat.

Altria's board on Wednesday authorized the expansion of its existing share repurchase program to $2 billion from $1 billion. The program now expires on Dec. 31, 2026, Altria said.

In the third quarter, the company repurchased 1.9 million shares at an average price of $60.13, for a total cost of $112 million.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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October 30, 2025 08:15 ET (12:15 GMT)

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