Altria Group, Inc.
Altria Announces $2.4 Billion Share Repurchase Program Expansion
Summary
Altria Group, Inc. announced on March 14, 2024, an expansion of its share repurchase program by $2.4 billion in connection with the pricing of an offering by Altria of 35 million shares of Anheuser-Busch InBev SA/NV at $61.50 per ADS, corresponding to $56.17 per ABI ordinary share. The expanded program, expected to be completed by December 31, 2024, will be funded through an estimated $2.4 billion accelerated share repurchase program and is expected to generate cash savings from the elimination of future dividend payments on the repurchased shares. Additionally, Altria raised its 2024 full-year adjusted diluted earnings per share (EPS) guidance to a range of $5.05 to $5.17.
Profitelligence Alerts
Get alerts for MO
Be first to know when Altria Group, Inc. files with the SEC.
Filing Categories
Exhibits (1)
Advertisement
About Altria Group, Inc.
Altria Group, Inc. is a holding company with a primary focus on the manufacture and sale of cigarettes and related products. Serving as a leading player in the tobacco industry, Altria is best known for its premium cigarette brand, Marlboro, which holds a significant market share in the United States. Beyond cigarettes, the company has established a diversified portfolio by investing in smokeless tobacco products, wine via its subsidiary Ste. Michelle Wine Estates, and a stake in the cannabis market through its investment in Cronos Group. Altria's strategic expansions into non-cigarette categories reflect its aim to navigate changing consumer preferences and regulatory landscapes. As one of the foremost publicly traded entities in its sector, Altria plays a significant role in the broader consumer goods market. The company continues to engage with shifting market dynamics by fostering innovation in reduced-risk products while maintaining its strong presence in traditional tobacco markets.
Official SEC Documents
Advertisement