Altria’s 2020 2nd Quarter Financial Reporting

Altria Group, Inc. has announced its 2020 second-quarter and first-half business results and reestablished its 2020 adjusted diluted earnings per share (EPS) guidance.

In the report, Altria reported that it had net pre-tax charges of $50 million that were directly related to costs for disruptions caused by, or brought on by efforts to mitigate the impact of, the COVID-19 pandemic. The pandemic has had some impact on Altria’s business, including forcing the temporary closure of the Philip Morris USA IQOS boutique stores in Atlanta and Richmond, both which reopened in June. The company reports that Altria’s tobacco businesses have not experienced any material adverse effects associated with governmental shut downs. Many retail outlets that carry Altria products, such as convenience stores, have been able to remain open during the pandemic due to being classified as an essential business. Other factors brought on by the pandemic, including unemployment rates, consumer confidence and even gasoline products present themselves as potential risks.

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