Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Analysis of Debt
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Altria Group Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Cost of Sales
- The cost of sales as a percentage of net revenues exhibits a general decline over the period, decreasing from approximately -28% in early 2019 to around -24.5% by late 2024. Some fluctuations occur, notably a spike near -34% in early 2020, followed by a return to the more typical range of -25% to -26%. This suggests improved efficiency or cost control over the longer term, despite occasional short-term increases.
- Excise Taxes on Products
- Excise taxes steadily decrease during the timeframe, moving from about -22% to roughly -14.6% of net revenues. This consistent downward trend likely reflects changes in tax rates or adjustments in the product mix that reduce tax expense relative to revenues.
- Gross Profit
- Gross profit margins improve markedly from approximately 50% in the first quarters of 2019 to over 60% by late 2024. The upward trend is steady, except for a downturn in early 2020 corresponding with higher cost of sales, after which margins recover and continue increasing. This suggests enhanced profitability driven by better cost management and lower excise tax burdens.
- Marketing, Administration and Research Costs
- These costs fluctuate between about -7% and -13% of net revenues through the years, with some volatility noted in late 2021 to early 2024. There is no clear trend, but periodic increases in expenses could indicate shifts in strategic investment or market conditions affecting operating expenses.
- Asset Impairment
- Asset impairments are generally minimal or absent during most periods, except for a significant charge near -5.7% of net revenues in late 2023. This isolated event suggests a one-time write-down impacting profitability in that quarter.
- Operating Income
- Operating income shows an overall positive trajectory, with margins rising from about 40% early in the period to over 50% by late 2024, despite some volatility. The highest margins are observed post-2022, indicative of improved core operational performance.
- Interest and Other Debt Expense, Net
- Interest expenses remain fairly stable, generally between -3.7% and -6.8% of net revenues, without a distinct trend, suggesting consistent financing costs throughout the timeframe.
- Loss on Early Extinguishment of Debt
- This loss occurs only in a single quarter (late 2020), with a substantial impact of approximately -10.75% of net revenues, indicating a one-time expense related to debt repayment or restructuring.
- Net Periodic Benefit Income, Excluding Service Cost
- This item remains positive and relatively stable around 0.3% to 0.9% of net revenues, contributing modestly to overall income without major fluctuations.
- Income (Losses) from Investments in Equity Securities
- The income from equity investments demonstrates high volatility, including large negative spikes in late 2021 (-87.16%) and significant impairments in prior years, followed by partial recoveries. These swings reflect the inherent risk and variability associated with investment performance, which in some quarters markedly depresses profitability.
- Gain on Sale of IQOS System Commercialization Rights
- A significant one-time gain is recorded in late 2024, contributing 43.49% of net revenues, markedly enhancing income in that quarter.
- Impairment of JUUL Equity Securities
- Material impairments are recorded in 2019 and 2020, with reductions of -65.64%, -68.25%, and -36.5% of net revenues in those quarters. These substantial charges heavily impacted earnings during that period.
- Gain (Loss) on Cronos-Related Financial Instruments
- The gains and losses from Cronos-related instruments are relatively minor and fluctuate around zero throughout the period, indicating a marginal effect on overall results.
- Earnings (Losses) Before Income Taxes
- This metric experiences significant variability, including negative results corresponding with major impairments and investment losses, but generally trends positive and upward towards the end of the period, exceeding 48% in late 2024, reflecting improved earnings before taxes.
- Provision (Benefit) for Income Taxes
- Tax provisions largely correspond with earnings fluctuations, ranging mostly between -2.8% and -21.2% of net revenues, with some quarters showing tax benefits during losses. The higher provisions at some points may reflect changes in tax rates or tax planning outcomes.
- Net Earnings (Losses)
- Net earnings display pronounced volatility, mirroring the impact of equity investment losses and asset impairments. Notably, large negative earnings occur in late 2019 and 2021. However, from 2022 onward, there is a consistent recovery, with net earnings rising to over 60% of net revenues by mid-2024, boosted by operational improvements and one-time gains.
- Net Earnings (Losses) Attributable to Altria
- The trends for net earnings attributable to the parent entity align closely with overall net earnings, showing the same variability and recovery pattern. This consistency indicates that the majority of earnings fluctuations are attributable to the parent shareholders rather than noncontrolling interests.