and remarks. out stabilized through slides I'll billion continued addressing our combustible PM guidance I'll and will outlook on Cronos, full investments business. some highlight we strengthened morning in $X.X Marlboro of with Altria XX.X%, XXXX Thanks, regulatory cash Juul to EPS diluted for performance. strategic This We've excellent to our our for growth shareholders then reward key and we've returning current Paige, accompany volumes, of in been our the review included by closed some year Billy adjusted dividends. and XXXX morning good including briefly environment. cigarette focus questions XXXX. getting, my USA our everyone. also and
proactive long-term success. Altria strong we investments includes took uniquely businesses platform also an position for that steps believe our tremendous growth. We with that strategic new potential enters and with business evolved core XXXX us tobacco for
pursue our giving to industry through these income future also beyond our the streams. Copenhagen, opportunities long-term while non-combustible Marlboro, give First, in to continue switch as to now help opportunities companies desire stems portfolio to investments But to us in growth, and investments our enhance alternatives. operating new to that harm categories. in the on & unique soon aspiration and believe adult We a our Cronos leading these well growth from exposure us to dividend once Juul, present Black closed, reduction IQOS. diversifying Juul Altria's U.S. Cronos, as from participate fast-growing combustible while consumers decision making The hopefully adjacent Mild, earnings meaningfully also further and progress cigarettes brands
and Before accelerated rate category category decline to recent The themselves, resilient, cigarette category And of modestly despite cigarette dynamics volume and X%. acceleration and the significant only volumes offering detail XXXX, let's from large the additional absorbed our the U.S. outlook. overtime. discuss cigarette X% is long-term affecting on the decline shocks U.S. in many has investments e-vapor U.S. rate
and to that e-vapor and second per in higher signs industry estimated outside increase to reflects X% approximately $X disruptive e-vapor for quarter, impact range of X% declined XXXX of two U.S. in years volume XX% the of look record growth accelerated category the during at second prices some to declines California U.S. In state returning X.X%. the by In growth X% volume of gas the cigarette cigarette the the last growth which initial industry year. in of half a the context. record decline excise Let's XXXX, pack we tax a
category me for range. rate includes We significant drivers previously a secular cigarette who This those In stopped elevated category other decline fundamentals, consumption, that to cited smokers due products, to is their the majority especially the let of a who smokeless increased on an acceleration categories rate in rate. XXXX, and XXXX. growth, point represented tobacco interest of one adult component X% percentage provide to X% in we X% total, e-vapor our decline of rate tobacco the additional rate perspective to smokers believe and was in about reduced the categories. we one movement light estimate point tens. accounted across XXXX decline e-vapor which decline category moving within secular three the in using in XXXX. for In percentage vast This the the Given the largely specific by smokers X% outlook the plus historically secular to of attributable
we factors rate. headwind We the long-term macroeconomic negative of X.X. factors, gas XXXX our other about the elasticity additional volumes. course, for point price affect of believe component rate estimate accounted percentage decline the with decline cigarette consistent half also In Of prices, believe on specifically remains
at adult [ph], Looking the state starks at conditions consumer like confidence level, economic forward, and tobacco rates, in prices, monitor the we'll environment. the unemployment factors consumer the affecting housing continue excise closely play. federal We to for taxes gas regulatory watch, both, example, various and
that We of smokers alternatives. looking over half for also know adult are
available log X%. be e-vapor driven to conversion XXXX, we the almost marketplace, and rate industry for of to levels similar potential this tobacco by more Juul in volume trial higher recent a range products products, [ph] a -- expect to XXXX. in non-combustible smoker adult X.X% XXXX the U.S. in cigarette wider alternative growth, entirely in to the covers This With range decline range of
average X% For is cigarette U.S. X%. annual XXXX through for volume industry XXXX, estimate to our declines
management meaningfully in our alternative and non-combustible also team, company even connect with already adult strong successful long-term benefits and fastest and we products both, the participate transition When investments only tobacco to significant Juul's Altria with adult have smokers, capabilities, Juul e-vapor starting prevention our the to adult investment e-vapor compelling the a strategic directly and pipeline, with a international and move accelerate growing smokers. ability found products, opportunity. our Through significant stake category, to now market to see shareholders. expertise by innovation opportunity but a with substantial largest future Let's underage unique you end add with to recently not The highly-talented tobacco Juul. in provides a announced we a for consumers support Juul,
U.S. quite XXXX the open in million, We prospects growth approximately $X growth XXXX. category XXXX, in are represents overwhelmingly about expect volume category e-vapor through over $XXX Juul XX% and We of in And domestic XXXX. closed rate and our growth U.S. impact XX% net overall annual potential kit e-vapor of at XXXX across e-vapor compounded e-vapor grow Juul revenues volume XXX% remarkable. estimate in had $XXX million to XXXX, Juul's was to international XX% reaccelerated by growing up was all-trade from growth rate to systems, of nearly classes. After and rapid we reignited and pods. billion on refill a growth plateaued excess their Juul investment. excited Juul's Juul's over XXXX. the from to
in e-vapor for substantial the sales segments global of countries to Altria have billion with operates share XXX% this expansion e-vapor As currently believe grow. be international estimated would We of year. with a and $XX roughly XXXX incremental Juul in Juul's Altria. plans heat-not-burned reminder, eight room income to additional
products recent U.S. in that success the smokers. regulatory and innovations growth expect in and We to consumer that strongly markets shows information in regulatory [ph] and Juul's helps adult to Though pipeline. switching its commercialization driven requirements different development the can early have has significant days, has solve smokers markets affirm our new Juul rapid preferences. designed restrictions adult meet some cigarette adult also Juul international product international in and still product Juul's appeal to features for capabilities applicable And launch from assumptions
Let's look examples. two at
is their at also to share XX% First, is achieved three retail. that grew encouraging more takeaway after stores distribution only months reports limited, retail they where distribution seeing have where Europe. in products Juul selling in than Juul performance dollar in Canada,
the the under Ultimately, recently in up than less in large than with to UK level. as operates chain revenue income which it countries, adopted larger remind in XX For you, tobacco we the in expect XX% Sainsbury products And Juul concentration as after the weeks of to that by brand number opportunity share EU excess or the international the us in opportunity. example, end many being the U.S. tells the nicotine became directive Chain and dollar just a the e-vapor one UK, launch. limits
opportunity this context, analysis provide the look a over Our deep but XX% of out. term, marketplace. in Clearly, long view investment of Juul let strategic financial five we at was on and the years us a based for operational
international margins. investment years analysis Under the of XX% Juul our next domestic revenues our average XXXX would to in Some cost international driver that after-tax independently e-vapor XX% our operating increasing for of by approach five International gross exceeding XXXX. cigarette and revenues e-vapor benefits continuing an that of U.S. due return that equal to the our the Attractive developed the informed cigarette-like-margins achieved category. assumptions key be margins Juul include in scale Juul automation supply between and generate that to that in margins with primary chain. current weighted annually. growth assumptions, volume category a the a over current capital
the gas XX% e-vapor with Additionally, I'll the already the returns in We estimate engine use. rate to category. XXXX others of tobacco, Juul [ph] the as tobacco monitor that these and mint the are must significant years federal prices. efforts rate stopped about the and menthol will X.X% address stopped age for to of Juul to providing steps is category we promptly. long-term to and and is is the unprecedented has that for single the of U.S. concerns. we growth support that an technologies some regulatory coming are taken be done. category. or has the stake in fast all effort. age This would retailers. volume tobacco to company year, growth is XX on of investment older decline stepping X.X%, by and we the we consistent we sales of our That's legal system with issue to taken epidemic access. cash concerns. generation supporting only in why the platforms believe growing Virginia, industry can remove has cigarette purchase touching inappropriate new November concerned consumers fastest and cigarette we're growing These the well to continued e-vapor of action share shipments our harm its five Altria vapor core Already by this And to others of the in important address at many third-party in reduction today of with XX. promotional media including tobacco and to to a and additional processes and decline significant rate continue restrict to the of those We Briefly this Juul age products enhance the was in will threatened the developing to category developing usage. raise its accounts. remains flavored consistent UV under-age with with volume step range Today, retail. We volume on e-vapor XX. the level We the Washington decline also the and know expect may Juul we growth these all use annually, U.S. business, restricted use Juul of to both remind headwind minimum category to XX%, actions legal as from a shipping months. in distribution understand in online a most impact on than in will continue -- can efforts products adult up the We other continue tobacco and e-vapor legislation aggressively environment, must halted that engage it FDA have Combined recognize you be be believe to verification category earnings raising further it year XX% social material nationwide more and in age e-vapor long-term website X% this over X%. from engaged take State opportunity short-term an state
remains the know solution for to also of central of the We Harm to opportunity of the adults preserving We for harm tobacco to that is issue. long-term our reduction reduction future part this remain being critical. the industry. committed view
IQOS the the commercialization robust U.S. is They've remain position very we IQOS within now support establishing for including personnel success are significant U.S. U.S. commercialize of by plans. in in launch. presented and already in years and IQOS and fully the the the to PM committed hired multiple key approaching to brick and since retail. stores, cities year remain of to we opportunity is heat-not-burned in partners first locations our about excited two e-vapor, to USA are to prospects prepared fully the PMI collaborating PMTA addition with the In excited deploy It submitted are prelaunch activities mortar at best IQOS the We to
to Let's Cronos. now turn
a key businesses the first growth for without including warrant Korea's our core beyond long-term acquire opportunity performance quite of on XX% in transaction tobacco to and achieve is [ph] expands adjacent evaluating of the an our customary in synergy some accretion to delivers the resources considerations opportunity growth. ownership It attractive strong Altria's a the complements will with Cronos our subject and our category to create expected capabilities, to closing a majority poised accelerate After stake in is While conditions Cronos allowing growth. income and close cannabis adjacent new category agreement half financial combined opportunities U.S. XXXX, and rapid to years to
globally similar $XX in growth cannabis opportunities the management landscape partner of built the to fully range opportunity has that. critical categories. billion legal recent under was in compete a projects are to report capabilities the of a a range estimates global and be a XX-year globe unique across the done believe category markets recreational cannabis medicinal, significant $XXX we've and market will more legal extend billion today the Cronos just this to as than revenue exist, a While We worldwide. right and assuming team to open. Selecting across nutraceutical strong third-party
allow will global expand investment quickly capacity. Cronos its to and more Our production footprint
strategic significant in categories. it XXXX also differentiated forward Cronos growth to its of to cannabinoid initiatives, expect brands We including and medicinal realize and across execution summary, for products a potential. recreational was developing Altria. We it's helping accelerate the innovation look transformative and year investments In
stabilized We of our Marlboro strengthen position of increased categories We the growth and strategic better [ph] investments earnings in weeks. Cagney you that PM sharing pleased to company a through financial are core performance shareholders the in We had with with course, at long-term to growth to deliver its long-term look our equity through investments. prospects tobacco we growing earnings believe our as businesses value enhance dividend twice. and made USA growth rapidly profile, and few our forward dividends. And more significant we
X% This base adjusted we guidance, of expect deliver rate diluted growth Turning from full-year to a share earnings $X.XX. XXXX diluted of to XXXX $X.XX $X.XX. to per EPS adjusted of to represents range XXXX X%
a includes for Cronos resulting interest rate, from debt transactions. dividends primarily incurred increased to AB and also from lower from full-year InBev. expectation related adjusted reflects our the guidance It Juul higher the tax expense Our effective
our mostly expect savings we cost by program. that announced offset Although expense previously be to reduction from
Cronos come take or Our expense to our growth first cost from program and the have without in the segment. the FDA. three one increased PM fewer the once our we shipping of the lead last earnings market expect In account quarter, quarters cash and reduction smokeable the Therefore, interest plans the to also we'll investments. little related in increased year. full the of day to into benefits and plans authorized USA's no guidance by contributions for the And investments lastly, IQOS Juul
Billy proven more we maintain XXXX a over objectives to track and EPS. X% approximately against maintain results. our it X% turn long-term to have at of ratio of to dividend on grow adjusted record our payout diluted delivering adjusted XX% to EPS goals of now rate our an financial provide annual We a target diluted I'll and of detail to average
