Decent 4Q for Altria; Short-Term Guidance Looks Conservative but Juul Deal Still Appears Expensive
Altria reported a decent fourth quarter of 2018, with volume in both the smokeable and smokeless divisions falling slightly less than our forecasts. This trickled down the income statement and resulted in modest upside to our earnings estimate. The company guided below our forecasts for 2019, however, due to the mix effect of the Juul and Cronos acquisitions, as well as increased investment ahead of the anticipated launch of iQOS in the United States this year. We shall adjust our near-term fore...Altria Group is a holding company. The company's subsidiaries include: Philip Morris USA Inc., which is engaged in the manufacture and sale of cigarettes; John Middleton Co., which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco; Sherman Group Holdings, LLC and its subsidiaries, which are engaged in the manufacture and sale of cigarettes and the sale of cigars; and UST LLC, which through its subsidiaries, including U.S. Smokeless Tobacco Company LLC and Ste. Michelle Wine Estates Ltd., is engaged in the manufacture and sale of smokeless tobacco products and wine. The products of the company's tobacco subsidiaries include smokeable tobacco products and machine-made cigars.
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