Altria Group (MO)

“So we're excited about the 12-milligram national launch in the third quarter.”

“We have not announced the timing of when we plan to re-enter the category, but we do plan on re-entering that category.”

“Our plan is to re-enter the market at some point with NJOY ACE.”

“We believe increased enforcement activity, including supply-related disruptions at the border is helping slow demand for illicit products.”

“Helix also plans to introduce flavor extensions across 6, 9 and 12-milligram strengths, beginning with Blueberry Mint and Mango Pineapple in the fourth quarter.”

“We do expect in the second half of the year for export volume to increase, and we'll have a more balanced benefit across Q3 and Q4 for the FET credit.”

“And while refunds of taxes and duties paid on imported cigarettes for the quarter were flat sequentially due to timing factors, we continue to expect export volume and related tax refunds to be higher in the second half of the year with a more balanced benefit across the third and fourth quarters.”

“We now expect to deliver adjusted diluted EPS in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025.”

“Cow Boyd Cut, we will expand distribution later in the year, specifically later in the second quarter.”

“You will see increases in the export volume and the benefit of the duty drawback as the year progresses.”

“We reaffirm our expectation to deliver 2026 full year adjusted diluted EPS and in a range of $5.56 to $5.72, representing a growth rate of 2.5% to 5.5% and from a base of $5.42 in 2025.”

“We believe the science and evidence supporting all of these applications is compelling and provides a basis for FDA authorization within the 180-day statutory time line.”

“Our reaffirmed guidance range now contemplates the impact of moderated labor industry growth on combustible and e-vapor product volumes and increased macroeconomic uncertainty facing adult nicotine consumers.”

“As a result of the strong first quarter performance, we now expect 2026 adjusted diluted EPS growth to be more balanced between the first half and the second half of the year.”

“So yes, we expect some elevated investments upfront as you get more volume through the import-export process.”

“As far as ON PLUS pricing, while I'll be careful not to play out our whole strategy, we do believe ON PLUS is a differentiated product and commands a premium in the marketplace.”

“Our guidance contemplates planned investments to support our contract manufacturing capabilities, limited impact on combustible and e-vapor product volumes from illicit enforcement efforts, and NJOY ACE not returning to the marketplace in 2026.”

“We expect growth to be weighted to the second half of the year, reflecting a progressive increase in cigarette import and export activity over the course of the year.”

“We anticipate Helix will continue to be profitable for the full year 2026.”

“We feel really good about the ability to narrow guidance by raising the bottom.”

“We expect EPS growth to moderate in the fourth quarter as we lap the lower share count associated with the 2024 accelerated share repurchase program and the benefit of the MSA legal fund expiration.”

“Our ambition is the goal. We haven't changed our goals from an overall CAGR that we stated previously. And that's been our stated goal. So yes, that's the way I would think about how we're going to manage the business going forward.”

“We do not expect a final determination from the ITC before early 2027 and intend to vigorously defend our positions in this litigation.”

“While tariffs have had an impact on our cost, we don't view them as material to our overall business, and they have been contemplated in the guidance that we have provided you.”

“I think when you think about on!, I'll be careful not to lay out exactly what we're going to do in the second half. But you see the success that we've had through the first half, we believe that is sustainable.”

“At the end of the second quarter, we had $400 million remaining under our current share repurchase program, which we expect to complete by the end of the year.”

“We expect EPS growth to moderate as we lap the lower share count associated with the 2024 accelerated share repurchase program and the benefit of the MSA legal fund expiration.”

“We still have that as a goal of the way we're managing our business, Bonnie. And when you think about it, it's a mid-single-digit CAGR across that period.”

“So while certain materials may be impacted, for example, tin and aluminum that are used in some of our packaging, the impact on our costs are limited, especially compared to other CPG companies and other industries.”

“You started to see that in the fourth quarter of last year. That will continue. So on a comparative basis, you will see that benefit in the first three quarters of this year.”

“In addition, our guidance range contemplates limited impact of increased tariffs on our costs and potential impacts on our consumers.”

“Our guidance assumes limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and assumes NJOY ACE does not return to the marketplace this year.”

“At the end of the first quarter, we had $674 million remaining under our current share repurchase program, which we expect to complete by the end of the year.”

“This year, Helix plans to maintain this momentum by bringing the It's ON! campaign to more consumers and focusing on equity investments behind the ON! brand in new and existing channels.”

“Our guidance includes the impact of one fewer shipping day in 2025, which occurs in the first quarter, assumes a limited impact on combustible and e-vapor product volumes from enforcement efforts in the illicit e-vapor market and includes the reinvestment of anticipated cost savings related to our previously announced optimize and accelerate initiative.”

“And we anticipate Helix will be profitable for the full year 2025.”

“We now expect to make a combined submission in mid-year 2025.”

“We reaffirm our guidance to deliver 2024 full-year adjusted diluted EPS in a range of $5.07 to $5.15, representing a growth rate of 2.5% to 4% from a base of $4.95 in 2023.”

“We look to file a combined PMTA MRTP in the first half of 2025.”

“At the end of the third quarter, we had $310 million remaining under our current share repurchase program, which we expect to complete by the end of the year.”

“With the initial cost being recorded beginning in the fourth quarter of 2024.”

“Although we are still evaluating certain aspects of the initial phases of the initiative, we expect to record the majority of the cost as special items excluded from adjusted EPS by the end of the first half of 2025.”

“We estimate total pretax charges for the initial phases of approximately $100 million to $125 million.”

“NJOY plans to continue testing trial focused investments with a view toward long-term profitability.”

“We expect the initial phases of the initiative will deliver at least $600 million in cumulative cost savings over the next five years, which we plan to reinvest in our businesses in support of our vision and enterprise goals.”

“And we believe our dedicated teams have us on track to deliver against full year financial guidance.”

“You are correct. The total legal fund is about $500 million. We pay our fair share of that based on shipments and you'll get a 1/4 of that this year in the remaining three quarters in 2025.”

“So we have a base inflation rate for MSA of at least 3%.”

“But volumes are down and that will drive controllable costs up on a per pack basis.”

“In the second half of the year, there are some tailwinds that we expect to see. Some have already mentioned, right, the two extra shipping days that occurred in the back half of the year, the expiration of the legal fund in the fourth quarter.”

“At the end of the quarter, we had approximately $1 billion remaining under our currently authorized share repurchase program which we expect to complete by the end of this year.”

“For 2024, adjusted diluted EPS growth weighted to the second half due to the timing of the NJOY acquisition in June 2023 and the impact of two additional shipping days in the second half of the year.”

“We plan to continue investing behind NJOY's value proposition and equity to build awareness and generate trial.”

“The smokeable segment will continue to benefit from those lower SG&A costs as the year progresses.”

“After the completion of the ASR Program, we anticipate having $1 billion remaining under the currently authorized share repurchase program, which we expect to complete by year-end.”

“We also expect this segment to benefit from lower SG&A costs as the year progresses.”

“Year-over-year MSA and manufacturing cost per pack increases were higher in the first quarter than we expect for the remainder of the year.”

“As we previously noted, we expect that 2024 adjusted diluted EPS growth will be weighted to the second half of the year, resulting from two main factors.”

“Helix is also making final preparations for following its PMTA for on! PLUS, which we expect to submit in the first half of this year.”

“We also continue to expect that NJOY will submit PMTA filings for flavored NJOY ACE products with age-gated Bluetooth technology by the end of the second quarter.”

“And we expect the majority of fixture resets to be completed in the first half of this year.”

“In the first quarter, we broadened NJOY's distribution to over 80,000 stores. And we expect to expand to approximately 100,000 stores by year-end.”

“Upon FDA authorization, we believe it will contribute meaningfully to Helix' growth.”

“As far as the NJOY, certainly, you can expect more investment in 2024 than you did in 2023.”

“Our guidance includes the impact of two additional shipping days in 2024 and assumes limited impact from illicit e-vapor enforcement on combustible and e-vapor volumes.”

“We expect 2024 adjusted diluted EPS growth to be weighted to the second half of the year.”

“We remain on-track to follow-up PMTA for Ploom in the first half of 2025.”

“Our teams are on-track to submit the PMTA for on! PLUS in the first half of this year and upon FDA authorization, we expect it will contribute meaningfully to Helix's growth.”

“We expect to further expand, NJOY promotions and marketing activations in the first quarter, and we anticipate submitting a PMTA for NJOY's age restricted Bluetooth device with non-tobacco flavors in the first half of this year.”

“We now expect to have capacity to support our expansion plans for NJOY moving forward.”

“And I highlighted the equity campaign is really establishing the brand equity for NJOY and being able to unveil that as we progress into the New Year for the consumer.”

“But we're in the midst of selling in our trade program, which we think is a sustainable position on the retail fixture at retail. That will take place as we progress into the New Year.”

“As of the end of the quarter, we had $268 million remaining under our current share repurchase program, which we expect to complete by the end of the year.”

“We expect to equity campaign to further amplify the brand's presence at retail and drive consumer engagement with the brand.”

“As we continue to expand distribution and close inventory gaps, we expect to further enhance visibility and product fixture space at retail.”

“During the fourth quarter, we continue to expect ACE expansion to reach a total of 70,000 stores by year-end, representing approximately 70% of e-vapor volume and 55% of cigarette volume sold in the US multi outlet and convenience channel.”

“Certainly we'll be, as I mentioned, really enhancing the brand equity to increase awareness amongst both adult vapors and adult cigarette consumers, and then we'll be looking for distribution.”

“Well, certainly we've highlighted for you Bonnie that we'll be investing behind the NJOY brand as we expand distribution and have equity spending.”

“At the end of June, we had $528 million remaining under the currently authorized $1 billion share repurchases program, which we expect to complete by the end of this year.”

“Helix is focused on strategically investing behind this brand as their [effort] (ph) grows and continues to expect profitability in 2025.”

“From a standpoint of the age restriction I think you were referring to, you know we just recently closed it and we're assessing the timing of following that. You know we would have a target in mind by the end of this year.”

“These products are intended to bolster the offerings within the Marlboro Black family of products and will be available nationwide, beginning in May.”

“This range represents an adjusted diluted EPS growth rate of 3% to 6% from a $4.84 base in 2022 and excludes the potential financial impacts of the pending NJOY transaction.”

“With these things in mind, we reaffirm our guidance to deliver 2023 full year adjusted diluted EPS in a range of $4.98 to $5.13.”

“As of March 31st, we had $1 billion remaining under the current share repurchase program, which we expect to complete by the end of this year.”

“And as part of the IQOS agreement we announced last fall, we expect to receive the remaining $1.7 billion plus interest from Philip Morris International by July of this year.”

“Helix is continuing its focus while strategically investing behind the brand as the category grows and remains committed to achieving profitability in 2025.”

“We are off to a strong start and believe our businesses are on track to deliver against full year plans.”

“We demonstrated this commitment in the first quarter, by paying approximately $1.7 billion in dividends and announcing a new progressive dividend goal that targets mid-single-digit dividend growth annually through 2028.”

“You are correct to point out that when you think about inflation related to MSA, there’s 3% floor. So, even if inflation were measured below 3%, there’d be a 3% increase in the MSA expense.”

“So, we’re going to spend while -- and invest while the overall category is growing, so we can participate in that growth.”

“So, we have considered that when you think about 2023, there will be an elevated level of inflation. We have seen some receding of the rate of inflation, but still expect it to be elevated.”

“But yes, I would say that would be a headwind as we enter 2023.”

“Certainly, it will be a headwind from the State of California having banned it.”

“Earlier this week, our Board authorized a new $1 billion share repurchase program, which we expect to complete by the end of 2023.”

“But going forward, we expect to expand the program to include on! and other smoke-free brands.”

“We are narrowing our full year 2022 guidance and now expect to deliver adjusted diluted EPS in a range of $4.81 to $4.89.”

“We also expect to partner with JT to launch this product in an international test market using JT's sales and distribution network.”

“We expect to finalize the design of our first capsule product by the end of this year, and we expect to follow PMTA by the end of 2024.”

“This range represents an adjusted diluted EPS growth rate of 4% to 7% from a $4.61 base in 2021.”

“And lastly, our financial plans for the year remain on track and we reaffirm our guidance to deliver 2022 full year adjusted diluted EPS in the range of $4.79 to $4.93.”

“Looking ahead, Helix expects to use its understanding of the smoker journey, the smoke-free products to drive repeat purchases and adoption among smokers.”

“We feel comfortable reaffirming our guidance in the quarter.”

“This range represents an adjusted diluted EPS growth rate of 4% to 7% from $4.61 base in 2021.”

“We reaffirm our guidance to deliver 2022 full year adjusted diluted EPS in a range of $4.79 to $4.93.”

“We continue to expect that 2022 adjusted diluted EPS growth will be weighted toward the second half of the year.”

“We have approximately $1.2 billion remaining under the currently authorized $3.5 billion share repurchase program, which we expect to complete by year-end.”

“We're off to a strong start to the year and believe our businesses are on track to deliver against their full year plans.”

“When the project is operational, we expect we will hit those targets ahead of schedule.”

“We expect fluctuation in discount segment shares to continue as the cohort of price-sensitive consumers react to their short-term economic conditions.”

“But we do expect quarterly fluctuations in share to continue until the economy begins to stabilize from the pandemic.”

“Our guidance includes anticipated inflationary increases in master settlement agreement expenses and direct materials expenses and our current expectation that we will not have access to the IQOS system in 2022.”

“We expect 2022 adjusted diluted EPS growth to be weighted toward the second half of the year.”

“At the present time, we do not expect to have access to IQOS devices or Marlboro HeatSticks in 2022.”

“We are also working -- actively working on modified risk tobacco product applications for on! and expect to submit these applications to the FDA by the end of this year.”

“Therefore, we continue to plan to maintain our ABI investment.”

“For Altria, we foresee modest inflation in the year ahead.”

“This could have some impact on the input costs and the inflation adjustment to our master settlement agreement payments.”