(Reuters) – Altria Group topped quarterly sales expectations on Thursday, driven by higher pricing and rising demand for alternatives to conventional tobacco products.
Like other tobacco giants, Altria has been revamping its portfolio of products to keep up with consumers switching from traditional tobacco products to vapes or other alternatives and as inflation-hit smokers switched to cheaper brands.
The company’s net revenue came in at $5.58 billion in the first quarter, topping analyst expectations of $4.71 billion, while profit on an adjusted basis came in line with expectations.
Last year, Altria launched a lower-priced version of its flagship Marlboro brand and finalized its acquisition of e-cigarette startup NJOY Holdings, expanding its portfolio to include pod-based vapes.
Shipment volumes of Altria’s nicotine pouch, On! increased by 32.1% compared to 25.2% in the previous…
