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Stocks / United States / MO / Q3 FY2023

Altria Group, Inc. Q3 FY2023 results: revenue $6.3 billion, down 4.1% on the year

Altria Group, Inc. (MO) reported revenue of $6.3 billion for Q3 FY2023, the quarter ended 30 September 2023, down 4.1% on the same quarter a year earlier. Net income was $2.2 billion, up 867.0% on the year, and diluted earnings per share $1.22. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$6.3 billiondown 4.1%
Net income$2.2 billionup 867.0%
Diluted EPS$1.22
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue6,281n/an/an/a
Cost of revenue1,578n/an/an/a
Gross profit3,699n/an/an/a
Gross margin58.9%n/an/a
Operating income3,089n/an/an/a
Operating margin49.2%n/an/a
Pre-tax income2,908n/an/an/a
Income tax742n/an/an/a
Effective tax rate25.5%n/an/a
Net income2,166n/an/an/a
Net margin34.5%n/an/a
Diluted EPS$1.22n/an/an/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow2,952n/an/an/a
Capital expenditure40.0n/an/an/a
Free cash flow2,912n/an/an/a
Free cash flow margin46.4%n/an/a
Depreciation and amortisation80.0n/an/an/a
Buybacks260n/an/an/a
Dividends paid1,675n/an/an/a
Dividend per share$0.98n/an/an/a
Diluted shares, weighted1,773mn/an/an/a
Shares outstanding at period end1,769mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Total assets36,469n/an/an/a
Cash and equivalents1,537n/an/an/a
Receivables57.0n/an/an/a
Inventory1,174n/an/an/a
Goodwill6,791n/an/an/a
Long-term debt25,098n/an/an/a
Shareholders' equity-3,407n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue6,2815,9755,5766,2096,2595,9745,2596,1026,0725,8465,4286,111
Cost of revenue1,5781,5251,4371,6021,5361,5021,2701,4401,4391,4481,2521,536
Gross profit3,6993,4993,2803,6753,8083,6043,2493,8503,8123,6313,5063,820
Gross margin59%59%59%59%61%60%62%63%63%62%65%63%
Operating income3,0892,7962,6742,5333,1522,8821,7883,2303,2301,6512,9563,136
Operating margin49%47%48%41%50%48%34%53%53%28%54%51%
Pre-tax income2,9082,7352,7395,1163,0262,7771,6833,1183,0751,5132,8592,929
Tax rate26%25%22%26%24%-9%36%24%23%26%24%22%
Net income2,1662,0602,1293,8032,2933,0391,0772,3782,3751,1172,1832,298
Net margin34%34%38%61%37%51%20%39%39%19%40%38%
Diluted EPS$1.22$1.16$1.21$2.21$1.34$1.78$0.63$1.41$1.41$0.67$1.30$1.37
Operating cash flow2,9523,2272,877-75.02,6113,3402,7202053,0943,2712,324719
Capital expenditure40.053.035.029.031.047.038.032.054.092.093.057.0
Free cash flow2,9123,1742,842-1042,5803,2932,6821733,0403,1792,231662
Buybacks2602682,40010.068031032627411228828055.0
Dividends paid1,6751,7391,7331,6871,6881,7371,7301,7241,7211,7851,7801,776
Shares outstanding1,769m1,763m1,718m1,706m1,695m1,691m1,684m1,680m1,679m1,674m1,670m1,670m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 26 October 2023, accession 0000764180-23-000126: the filing on EDGAR. All of Altria Group, Inc.'s filings: EDGAR company page.

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