Altria Group Inc. has released its financial results for the second quarter. The company's net revenues experienced a slight decline of 1.7%, reaching $6.1 billion, compared to the same period last year. This decrease was primarily attributed to lower net revenues in the smokeable products segment, although it was partially offset by increased net revenues in the oral tobacco products segment. Despite the overall decline in net revenues, revenues net of excise taxes saw a modest increase of 0.2%, totaling $5.3 billion. The company's reported diluted earnings per share $(EPS)$ fell significantly by 36.2% to $1.41. This decrease was largely due to the previous year's gain on the sale of the IQOS Tobacco Heating System commercialization rights. However, it was partially offset by higher reported operating companies income, which includes the previous year's non-cash impairment of the Skoal trademark and a change in the fair value of contingent payments related to the acquisition of NJOY. For the six months ending June 30, the smokeable products segment saw a 4.1% decline in net revenues to $9.979 billion, while the oral tobacco products segment increased by 3.3% to $1.407 billion. The overall net revenues for the six-month period decreased by 3.6% to $11.361 billion. No specific forward-looking guidance or outlook was provided in the release.
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