Cigarette maker Altria Group, Inc. (MO) Tuesday said its unit plans to enter the e-vapor category by introducing MarkTen e-cigarettes. Further, the firm lifted its reported earnings per share outlook for the year.
The company is holding an investor day conference in New York City today, where Altria's Chairman and Chief Executive Officer Marty Barrington and other members of the Altria management team will review plans to continue creating value for shareholders.
Altria said its subsidiary Nu Mark plans to enter the e-vapor category by launching MarkTen e-cigarettes into a lead market in Indiana this August. Nu Mark also plans to expand distribution of Verve discs to additional stores in Virginia in the second half of this year.
e-cigarettes are devices powered by battery, which heat a solution of liquid nicotine. This in turn creates vapor which the users can inhale.
The company now sees full year reported earnings per share in the range of $2.50 to $2.56, compared to the previous projection of $2.49 to $2.55.
The revision reflects the impact of an additional $36 million credit to be applied against Philip Morris USA Inc.'s Master Settlement Agreement payment obligations. Two more states joined the previously disclosed settlement with certain states of the non-participating manufacturer adjustment disputes for 2003-2012. The forecast also reflects estimated special items related to SABMiller Plc.
The company directly or indirectly owns 100 percent of each of PM USA, U.S. Smokeless Tobacco Company LLC, John Middleton Co., Nu Mark, Ste. Michelle Wine Estates Ltd. and PMCC. Altria has a continuing economic and voting interest in SABMiller.
Altria reaffirmed its guidance for 2013 full-year adjusted earnings per share of $2.35 to $2.41, representing a growth rate of 6 to 9 percent from an adjusted earnings per share base of $2.21 in 2012. On average, 15 analysts polled by Thomson Reuters expect earnings of $2.40 per share for the year. Analysts' estimates typically exclude special items.
MO settled at $36.23 on Monday.
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