- Adjusted diluted earnings per share increased 8.3% to $1.44 in the second quarter and increased by 7.2% for the first half, driven by robust adjusted OCI growth and the benefit of share repurchases over the past year.
- Adjusted equity earnings from ABI were $130 million in the second quarter, down 10.3% due to a lower ownership interest following a partial sale.
- Adjusted OCI margins expanded to 64.5% for the second quarter and the first half, supported by strong net price realization of 10% for the quarter and 10.4% for the first half.
- Cigars shipment volume increased 3.7%, with Middleton outperforming in the large mass cigar industry.
- Industry-level domestic cigarette volumes declined by 8.5% in the second quarter and first half when adjusted for trade inventory movements and calendar differences.
- In the smokeable products segment, adjusted operating companies income grew by 4.2% to $2.9 billion in the second quarter and by 3.5% to $5.5 billion in the first half.
- Oral tobacco products segment adjusted OCI grew by 10.9% in the second quarter and 5.5% in the first half, with margins increasing by 3.1 and 1.4 percentage points respectively.
- Oral tobacco segment retail share was 33.1% for the second quarter and 33.9% for the first half, with on! brand driving growth despite declines in moist smokeless tobacco (MST) volumes.
- Total oral tobacco segment shipment volume decreased 1% in the second quarter and 2.9% in the first half; adjusted volume declines were approximately 4% and 2.5%, respectively.
- Total smokeable products segment reported domestic cigarette volumes declined by 10.2% in the second quarter and 11.9% for the first half; adjusted declines were 10.5% and 11%, respectively.
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