MO earnings call for the period ending September 30, 2020.
Altria's (MO) third-quarter 2020 results reflect strong pricing in smokeable and oral tobacco product segments. Management lifts the lower end of its previously guided earnings view.
Altria Group (NYSE: MO) reported third-quarter earnings Friday morning that showed the pandemic hasn't materially damaged its tobacco business, but the continuing controversy surrounding Juul Labs electronic cigarettes caused Altria to take another massive writedown of its investment in the company. The original $12.8 billion investment that gave the tobacco giant a 38% ownership stake in the e-cig maker has now been reduced to just $1.6 billion, an 88% devaluation, after Altria wrote off another $2.6 billion and took $1.40 per share in charges to earnings. Altria's attempts to expand beyond the tobacco industry have not panned out as intended.