Altria navigated a challenging 2024, balancing regulatory headwinds in the e-vapor segment with strong performance in traditional tobacco. The company continued its commitment to returning capital to shareholders, announcing a $1B share repurchase program and maintaining strong dividend payouts.
📊 Income Statement Highlights (Q4 2024 vs. Q4 2023)
▫️ Net Income: $3.04B vs. $2.06B (+47.5%)
▫️ Total Revenue: $5.97B (flat YoY)
▫️ Revenue Net of Excise Taxes: $5.11B (+1.6%)
▫️ Adjusted EPS: $1.29 vs. $1.18 (+9.3%)
▫️ Gross Margin: 60.3%
▫️ Operating Income: $2.88B
▫️ Operating Cash Flow: $11.86B
▫️ Free Cash Flow: $5.12B
💼 Balance Sheet Highlights (as of Dec 31, 2024)
▫️ Total Assets: $35.18B
▫️ Total Liabilities: $37.37B
▫️ Equity: ($2.24B) [negative due to share repurchases]
▫️ Debt-to-Consolidated EBITDA Ratio: 2.1x
▫️ Cash & Equivalents: $3.13B
Segment Performance
Smokeable Products (Cigarettes & Cigars)
▫️ Net Revenue: $5.26B (-0.2% YoY)
▫️ Operating Companies Income (OCI): $2.64B (+2.3%)
▫️ Marlboro Market Share: 41.3% (-1.0pp YoY)
▫️ Cigarette Shipment Volume: 16.6B units (-8.8%)
▫️ Black & Mild Cigar Shipments: 431M units (+2.9%)
Oral Tobacco Products
▫️ Net Revenue: $692M (+2.7% YoY)
▫️ Operating Companies Income (OCI): $453M (+11.0%)
▫️ Copenhagen Market Share: 18.1% (-3.6pp)
▫️ Nicotine Pouch (on!) Market Share: 8.9% (+2.0pp)
NJOY (E-Vapor)
▫️ Consumable Sales Volume: 12.8M units (+15.3%)
▫️ Device Shipments: 1.1M units (+22.2%)
▫️ Market Share: 6.4% (+2.8pp YoY)
🔮 Future Outlook
▫️ 2025 EPS Guidance: $5.22 – $5.37 (Growth of 2%–5% from $5.12 in 2024)
▫️ Capital Expenditures: $175M – $225M
▫️ Regulatory Headwinds: NJOY faces ITC ruling impacting product sales by March 31, 2025
▫️ Dividend Growth: Commitment to mid-single-digit annual growth
▫️ Smoke-Free Strategy: Increased investment in e-vapor and oral nicotine pouch segments
