Altria Group (NYSE: MO) surpassed the Street’s expectations and withdrew its fiscal 2020 adjusted EPS outlook. The company posted adjusted earnings of $1.09 per share on revenue of $6.36 billion compared to the analysts’ targeted EPS of $0.98 and revenue of $4.61 billion. Altria also pulled back its 2020 – 2022 adjusted EPS growth objective due to COVID-19 uncertainty. MO stock traded up about 2% immediately after the earnings announcement.
Altria did not repurchase any shares of its common stock and borrowed the full $3 billion capacity available under its revolving credit facility in the first quarter.
Due to the uncertainties related to the impact of the COVID-19 pandemic and economic recovery scenarios, Altria withdrew its full-year 2020 adjusted EPS guidance of $4.39 to $4.51. Altria also withdrew its 2020 to 2022 compounded annual adjusted EPS growth objective of 4% to 7%.
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