Why Is Marlboro Maker Altria Stock Surging Today?
Portfolio Pulse from Lekha Gupta
Altria Group Inc (NYSE:MO) shares surged after reporting Q4 FY23 results, with a slight revenue miss but higher than expected adjusted EPS. The company announced a new $1 billion share repurchase program and provided FY24 EPS guidance within analyst expectations. Despite a decline in smokeable product revenues and shipment volumes, shares rose 2.59%.
February 01, 2024 | 4:00 pm
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Altria Group Inc reported Q4 FY23 results with higher adjusted EPS than expected, announced a new $1 billion share repurchase program, and provided FY24 EPS guidance. Shares increased by 2.59%.
Altria's stock surged due to a combination of beating EPS estimates, announcing a significant share repurchase program, and providing optimistic FY24 EPS guidance. These factors signal strong financial health and management's confidence in the company's future, positively impacting investor sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100