<p>奥驰亚集团（Altria (MO)）已召开其 2023 年第一季度财报电话会议。请继续阅读以获取会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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<p>奥驰亚集团最新的财报电话会议描绘了一个谨慎乐观的前景，尽管香烟和口腔烟草的销量和市场份额面临压力，但每股收益增长强劲，向投资者提供了可观的现金回报。管理层强调了有序定价、扩大的可吸烟利润率和增长的烟袋出货量，但也强调了宏观经济的不确定性以及非法电子烟产品的拖累。</p>
<h2>调整后每股收益增长信号良好开端</h2>
<p>调整后的稀释每股收益较 2025 年第一季度增长了 7.3%，为今年奠定了良好的基调，超出了公司的全年增长目标。管理层将这一表现视为尽管销量下降，但盈利能力依然强劲的证据，得益于定价能力和整个投资组合的成本控制。</p>
<h2>可吸烟利润率小幅上升</h2>
<p>在可吸烟业务中，调整后的运营公司收入增长了 6.3%，利润率扩大至 65.1%，上升了 0.7 个百分点。6.3% 的净价格实现帮助抵消了销量下降，突显了奥驰亚在香烟消费趋势依然负面的情况下捍卫盈利能力的能力。</p>
<h2>on! 烟袋出货量和 on! PLUS 推出</h2>
<p>第一季度，on! 产品组合的总出货量增长近 18%，超过 4600 万罐，显示出消费者对尼古丁烟袋的强劲需求。新的 on! PLUS 系列于 3 月开始全国发货，到季度末已覆盖约 10 万家商店，这些商店代表了大约 85% 的类别销量。</p>
<h2>Helix 执行力增强零售存在感</h2>
<p>Helix 的贸易计划在合同商店中确保了优质货架位置，覆盖了约 90% 的 Helix 销量，增强了 on! 和 on! PLUS 的可见度。这两个品牌共同占据了总口腔烟草类别的 7.8%，尽管整体类别和销量面临压力，但仍增加了 0.2 个百分点的市场份额。</p>
<h2>电子烟市场稳定迹象</h2>
<p>奥驰亚估计约有 2050 万成年电子烟用户，与去年基本持平，暗示用户基础正在成熟。管理层指出，由于加强执法和供应中断，非法调味一次性产品的增长正在减缓，暗示类别稳定的早期阶段。</p>
<h2>ABI 收益和股东回报</h2>
<p>奥驰亚在 ABI 的股权收益同比增长 9.6%，达到 1.6 亿美元，为核心业务提供了重要的收入来源。公司回馈了大量资本，季度内支付了约 18 亿美元的股息，并以 2.8 亿美元回购了 450 万股股票。</p>
<h2>资产负债表去杠杆化进展顺利</h2>
<p>奥驰亚在 2 月份偿还了超过 10 亿美元到期债务，使总债务与 EBITDA 比率降至 1.9 倍，并保持杠杆与内部目标一致。公司在季度末剩余约 7200 万美元的股票回购授权，显示出持续的资本回报灵活性。</p>
<h2>口腔烟草销量和市场份额承压</h2>
<p>第一季度，口腔烟草的总出货量下降了 3.1%，在调整贸易库存变动后，管理层估计下降了 8.5%。该细分市场的零售份额同比下降了 5.5 个百分点，突显了竞争压力和现代口腔产品中消费者动态的变化。</p>
<h2>口腔烟草利润率压缩</h2>
<p>尽管口腔烟草的调整后运营公司收入超过 4 亿美元，但利润率下降至 67.4%，较去年下降了 1.8 个百分点。下降反映了对 Helix 的更高市场营销投资以及传统湿烟草与增长更快的尼古丁烟袋之间的产品组合压力。</p>
<h2>香烟销量持续下降</h2>
<p>报告显示，国内香烟出货量在本季度下降了 2.4%，调整后的销量在考虑贸易库存变化后下降约 4%。管理层指出，行业整体调整后的销量下降约 5%，这表明奥驰亚的表现略优于更广泛的香烟市场。</p>
<h2>万宝路零售份额下降</h2>
<p>万宝路的整体零售份额同比收缩了 1.4 个百分点，环比小幅下降 0.1 个百分点。公司指出，消费者向价值品牌的转移是一个关键因素，突显了在宏观环境紧张的情况下对高端品牌的压力。</p>
<h2>折扣品牌受益于消费者转向</h2>
<p>折扣细分市场的零售份额同比扩大了 2.4 个百分点，因为预算有限的吸烟者转向低价产品。奥驰亚的 Basic 品牌利用了这一趋势，其零售份额环比上升 0.5 个百分点，同比上升 2.4 个百分点。</p>
<h2>电子烟类别面临持续挑战</h2>
<p>尽管在执法方面有所进展，奥驰亚报告称，电子烟类别中约 70% 仍由非法调味一次性产品构成。管理层认为，授权产品的有限名单限制了合规市场的发展，并限制了受监管替代品的减害潜力。</p>
<h2>在宏观不确定性中重申指导</h2>
<p>奥驰亚重申其 2026 年全年调整后每股收益预期为 5.56 至 5.72 美元，意味着较 5.42 美元的基数增长 2.5% 至 5.5%，并预计在强劲的第一季度后将实现更平衡的收益节奏。该指导已假设可燃和电子烟销量趋势放缓以及宏观环境的挑战，同时保持对股息、回购和有序资产负债表的关注。</p>
<p>奥驰亚集团的电话会议强调了其业务仍在产生强劲的现金流并扩大关键利润率，但越来越依赖于定价和生产力来抵消销量下降和品类转变。投资者听到了对可吸烟产品盈利能力和袋装产品增长的信心，同时也对监管风险、非法蒸汽产品和消费者降级持谨慎态度，这使得前景保持稳定，但远未 complacent。</p>

奥驰亚集团

<p>奥驰亚集团第一季度的财报电话会议透露出谨慎乐观的前景，尽管香烟和口腔烟草的销量下降，调整后的每股收益仍上涨了 7.3%。管理层强调了强劲的现金回报和有序的定价，同时承认了宏观经济的不确定性以及来自非法电子烟产品的压力。公司重申了 2026 年每股收益指导目标为 5.56 美元至 5.72 美元，预计销量趋势将放缓。值得注意的是，奥驰亚集团来自 ABI 的股权收益增长了 9.6%，并通过分红和股票回购向股东返还了 18 亿美元</p>

<p>Altria ((MO)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>奥驰亚集团（Altria (MO)）已召开其 2023 年第一季度财报电话会议。请继续阅读以获取会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Altria’s latest earnings call painted a cautiously optimistic picture, with strong per‑share earnings growth and robust cash returns to investors offset by clear volume and share pressures in both cigarettes and oral tobacco. Management highlighted disciplined pricing, expanding smokeable margins and growing pouch shipments, but also stressed macroeconomic uncertainty and the drag from illicit e‑vapor products.</p>
<div class="lb-trans"><p>奥驰亚集团最新的财报电话会议描绘了一个谨慎乐观的前景，尽管香烟和口腔烟草的销量和市场份额面临压力，但每股收益增长强劲，向投资者提供了可观的现金回报。管理层强调了有序定价、扩大的可吸烟利润率和增长的烟袋出货量，但也强调了宏观经济的不确定性以及非法电子烟产品的拖累。</p>
</div><h2>Adjusted EPS Growth Signals Solid Start</h2>
<div class="lb-trans"><h2>调整后每股收益增长信号良好开端</h2>
</div><p>Adjusted diluted EPS rose 7.3% versus Q1 2025, setting a strong tone for the year and outpacing the company’s full‑year growth target. Management framed this performance as evidence of resilient profitability despite volume declines, supported by pricing power and cost control across the portfolio.</p>
<div class="lb-trans"><p>调整后的稀释每股收益较 2025 年第一季度增长了 7.3%，为今年奠定了良好的基调，超出了公司的全年增长目标。管理层将这一表现视为尽管销量下降，但盈利能力依然强劲的证据，得益于定价能力和整个投资组合的成本控制。</p>
</div><h2>Smokeable Margins Edge Higher</h2>
<div class="lb-trans"><h2>可吸烟利润率小幅上升</h2>
</div><p>In the smokeable segment, adjusted operating company income increased 6.3% and margins expanded to 65.1%, up 0.7 percentage points. Net price realization of 6.3% helped offset lower volumes, underscoring Altria’s ability to defend profitability even as cigarette consumption trends remain negative.</p>
<div class="lb-trans"><p>在可吸烟业务中，调整后的运营公司收入增长了 6.3%，利润率扩大至 65.1%，上升了 0.7 个百分点。6.3% 的净价格实现帮助抵消了销量下降，突显了奥驰亚在香烟消费趋势依然负面的情况下捍卫盈利能力的能力。</p>
</div><h2>on! Pouch Shipments and on! PLUS Rollout</h2>
<div class="lb-trans"><h2>on! 烟袋出货量和 on! PLUS 推出</h2>
</div><p>Total on! portfolio shipments grew nearly 18% to more than 46 million cans in Q1, underscoring strong consumer uptake of nicotine pouches. The new on! PLUS line began nationwide shipping in March and reached about 100,000 stores by quarter‑end, stores that represent roughly 85% of category volume.</p>
<div class="lb-trans"><p>第一季度，on! 产品组合的总出货量增长近 18%，超过 4600 万罐，显示出消费者对尼古丁烟袋的强劲需求。新的 on! PLUS 系列于 3 月开始全国发货，到季度末已覆盖约 10 万家商店，这些商店代表了大约 85% 的类别销量。</p>
</div><h2>Helix Execution Strengthens Retail Presence</h2>
<div class="lb-trans"><h2>Helix 执行力增强零售存在感</h2>
</div><p>Helix’s trade program secured premium shelf positioning in contracted outlets covering around 90% of Helix volume, bolstering visibility for on! and on! PLUS. Together these brands captured 7.8% of the total oral‑tobacco category, adding 0.2 share points sequentially despite broader category and volume pressures.</p>
<div class="lb-trans"><p>Helix 的贸易计划在合同商店中确保了优质货架位置，覆盖了约 90% 的 Helix 销量，增强了 on! 和 on! PLUS 的可见度。这两个品牌共同占据了总口腔烟草类别的 7.8%，尽管整体类别和销量面临压力，但仍增加了 0.2 个百分点的市场份额。</p>
</div><h2>Signs of Stabilization in E‑Vapor Market</h2>
<div class="lb-trans"><h2>电子烟市场稳定迹象</h2>
</div><p>Altria estimated about 20.5 million adult vapors, essentially flat year over year, hinting at a maturing user base. Management pointed to moderating growth in illicit flavored disposable products due to stepped‑up enforcement and supply disruptions, suggesting the early stages of category stabilization.</p>
<div class="lb-trans"><p>奥驰亚估计约有 2050 万成年电子烟用户，与去年基本持平，暗示用户基础正在成熟。管理层指出，由于加强执法和供应中断，非法调味一次性产品的增长正在减缓，暗示类别稳定的早期阶段。</p>
</div><h2>ABI Earnings and Shareholder Returns</h2>
<div class="lb-trans"><h2>ABI 收益和股东回报</h2>
</div><p>Equity earnings from Altria’s stake in ABI climbed 9.6% year over year to $160 million, providing a meaningful income stream alongside core operations. The company returned significant capital, paying roughly $1.8 billion in dividends and repurchasing 4.5 million shares for $280 million during the quarter.</p>
<div class="lb-trans"><p>奥驰亚在 ABI 的股权收益同比增长 9.6%，达到 1.6 亿美元，为核心业务提供了重要的收入来源。公司回馈了大量资本，季度内支付了约 18 亿美元的股息，并以 2.8 亿美元回购了 450 万股股票。</p>
</div><h2>Balance Sheet Deleveraging on Track</h2>
<div class="lb-trans"><h2>资产负债表去杠杆化进展顺利</h2>
</div><p>Altria retired just over $1 billion of maturing debt in February, bringing total debt‑to‑EBITDA to 1.9 times and keeping leverage aligned with internal targets. The company ended the quarter with about $72 million remaining under its current share repurchase authorization, signaling continued flexibility for capital returns.</p>
<div class="lb-trans"><p>奥驰亚在 2 月份偿还了超过 10 亿美元到期债务，使总债务与 EBITDA 比率降至 1.9 倍，并保持杠杆与内部目标一致。公司在季度末剩余约 7200 万美元的股票回购授权，显示出持续的资本回报灵活性。</p>
</div><h2>Oral Tobacco Volumes and Share Under Pressure</h2>
<div class="lb-trans"><h2>口腔烟草销量和市场份额承压</h2>
</div><p>Total oral‑tobacco shipment volume fell 3.1% in Q1 and, after adjusting for trade inventory moves, management estimated an 8.5% decline. Retail share for the segment dropped 5.5 percentage points year over year, highlighting competitive pressures and shifting consumer dynamics within modern oral products.</p>
<div class="lb-trans"><p>第一季度，口腔烟草的总出货量下降了 3.1%，在调整贸易库存变动后，管理层估计下降了 8.5%。该细分市场的零售份额同比下降了 5.5 个百分点，突显了竞争压力和现代口腔产品中消费者动态的变化。</p>
</div><h2>Margin Compression in Oral Tobacco</h2>
<div class="lb-trans"><h2>口腔烟草利润率压缩</h2>
</div><p>While oral‑tobacco adjusted OCI surpassed $400 million, margins slipped to 67.4%, down 1.8 percentage points from a year earlier. The decline reflected heavier marketing investment behind Helix and mix pressure between traditional moist snuff and higher‑growth nicotine pouches.</p>
<div class="lb-trans"><p>尽管口腔烟草的调整后运营公司收入超过 4 亿美元，但利润率下降至 67.4%，较去年下降了 1.8 个百分点。下降反映了对 Helix 的更高市场营销投资以及传统湿烟草与增长更快的尼古丁烟袋之间的产品组合压力。</p>
</div><h2>Cigarette Volumes Continue to Decline</h2>
<div class="lb-trans"><h2>香烟销量持续下降</h2>
</div><p>Reported domestic cigarette shipments fell 2.4% in the quarter, and adjusted volumes were down about 4% after accounting for trade inventory changes. Management noted that industry‑wide adjusted volumes declined roughly 5%, suggesting Altria continues to perform slightly better than the broader cigarette market.</p>
<div class="lb-trans"><p>报告显示，国内香烟出货量在本季度下降了 2.4%，调整后的销量在考虑贸易库存变化后下降约 4%。管理层指出，行业整体调整后的销量下降约 5%，这表明奥驰亚的表现略优于更广泛的香烟市场。</p>
</div><h2>Marlboro Retail Share Erodes</h2>
<div class="lb-trans"><h2>万宝路零售份额下降</h2>
</div><p>Marlboro’s overall retail share contracted by 1.4 percentage points year over year, with a modest 0.1‑point decline sequentially. The company cited increased consumer trade down to value brands as a key factor, underscoring the pressure on premium labels in a strained macro environment.</p>
<div class="lb-trans"><p>万宝路的整体零售份额同比收缩了 1.4 个百分点，环比小幅下降 0.1 个百分点。公司指出，消费者向价值品牌的转移是一个关键因素，突显了在宏观环境紧张的情况下对高端品牌的压力。</p>
</div><h2>Discount Brands Benefit From Trade‑Down</h2>
<div class="lb-trans"><h2>折扣品牌受益于消费者转向</h2>
</div><p>The discount segment’s retail share expanded by 2.4 percentage points year over year as budget‑conscious smokers shifted away from premium offerings. Altria’s Basic brand capitalized on this trend, with its retail share climbing 0.5 percentage points sequentially and 2.4 points versus the prior year.</p>
<div class="lb-trans"><p>折扣细分市场的零售份额同比扩大了 2.4 个百分点，因为预算有限的吸烟者转向低价产品。奥驰亚的 Basic 品牌利用了这一趋势，其零售份额环比上升 0.5 个百分点，同比上升 2.4 个百分点。</p>
</div><h2>Persistent Challenges in E‑Vapor Category</h2>
<div class="lb-trans"><h2>电子烟类别面临持续挑战</h2>
</div><p>Despite some enforcement gains, Altria reported that about 70% of the e‑vapor category still consists of illicit flavored disposable products. Management argued that the limited roster of authorized products is constraining the development of a fully compliant market and limiting the harm‑reduction potential of regulated alternatives.</p>
<div class="lb-trans"><p>尽管在执法方面有所进展，奥驰亚报告称，电子烟类别中约 70% 仍由非法调味一次性产品构成。管理层认为，授权产品的有限名单限制了合规市场的发展，并限制了受监管替代品的减害潜力。</p>
</div><h2>Guidance Reaffirmed Amid Macro Uncertainty</h2>
<div class="lb-trans"><h2>在宏观不确定性中重申指导</h2>
</div><p>Altria reaffirmed its 2026 full‑year adjusted EPS outlook of $5.56 to $5.72, implying 2.5% to 5.5% growth from a $5.42 base, and expects a more balanced earnings cadence after a strong Q1. The guidance already assumes slower combustible and e‑vapor volume trends and a challenging macro backdrop, while maintaining a focus on dividends, buybacks and a disciplined balance‑sheet posture.</p>
<div class="lb-trans"><p>奥驰亚重申其 2026 年全年调整后每股收益预期为 5.56 至 5.72 美元，意味着较 5.42 美元的基数增长 2.5% 至 5.5%，并预计在强劲的第一季度后将实现更平衡的收益节奏。该指导已假设可燃和电子烟销量趋势放缓以及宏观环境的挑战，同时保持对股息、回购和有序资产负债表的关注。</p>
</div><p>Altria’s call underscored a business still generating strong cash and expanding key margins, but increasingly reliant on pricing and productivity to offset shrinking volumes and category shifts. Investors heard a mix of confidence in smokeable profitability and pouch growth and caution around regulatory risk, illicit vapor products and consumer trade‑down, leaving the outlook steady but far from complacent.</p>
<div class="lb-trans"><p>奥驰亚集团的电话会议强调了其业务仍在产生强劲的现金流并扩大关键利润率，但越来越依赖于定价和生产力来抵消销量下降和品类转变。投资者听到了对可吸烟产品盈利能力和袋装产品增长的信心，同时也对监管风险、非法蒸汽产品和消费者降级持谨慎态度，这使得前景保持稳定，但远未 complacent。</p>
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奥驰亚集团的财报电话会议在展现实力的同时也保持了谨慎