Altria 2Q profit rises on higher cigarette prices, beer

Grow Your Business in Northern Virginia with digital marketing services from The W Agency

NEW YORK (AP) — Altria Group Inc. relied on higher tobacco prices and a gain from its ABInBev/SABMiller investment to help drive profit in the second quarter, though results still fell short of expectations.

The owner of Philip Morris USA, the nation’s largest cigarette maker, said Thursday profit rose 20 percent to $1.99 billion, or $1.03 per share. Earnings, adjusted for non-recurring gains, were 85 cents per share, a penny short of expectations, according to a survey by Zacks Investment Research.

The Richmond, Virginia-based company reported a 2.2 percent revenue boost to $6.66 billion in the period. Its adjusted revenue, which excludes excise taxes, was $5.07 billion, exceeding Street forecasts.

Domestic cigarette shipment volume fell 2.9 percent. For the Marlboro brand, the figure declined 2.9 percent. It dropped 6.6 percent for other premium cigarettes and 0.5 percent for discount cigarettes.

Altria expects full-year earnings in the range of $3.26 to $3.32 per share.

Altria Group shares have climbed 6 percent since the beginning of the year.

_____

Elements of this story were generated by Automated Insights (http://ift.tt/1nCTSu9) using data from Zacks Investment Research. Access a Zacks stock report on MO at http://ift.tt/2kQZCnl

_____

Keywords: Altria, Earnings Report, Priority Earnings

The post Altria 2Q profit rises on higher cigarette prices, beer appeared first on WTOP.

from http://ift.tt/2vcgxZU

Digital Marketing Agency in Northern Virginia

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s