Estimated read time: 1-2 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
RICHMOND, Va. (AP) — Altria's second-quarter profit beat analysts' estimates, helped by lower costs. The company also boosted its full-year adjusted earnings outlook.
Its shares edged higher in premarket trading.
The owner of cigarette maker Philip Morris USA earned $1.65 billion, or 84 cents per share, for the period ended June 30. A year earlier the Richmond, Virginia-based company earned $1.45 billion, or 74 cents per share.
Earnings, adjusted for one-time gains, were 81 cents per share. That's a penny better than what analysts surveyed by Zacks Investment Research were looking for.
Marketing, administration and research costs, asset impairment and exit costs and general corporate expenses declined in the quarter.
Revenue excluding excise taxes was essentially flat at $4.88 billion.
Altria Group Inc. expects full-year adjusted earnings in a range of $3.01 to $3.07 per share. Its prior guidance was for earnings of $3 to $3.05 per share.
Analysts polled by FactSet expect earnings of $3.05 per share.
Its shares rose $1.05, or 1.6 percent, to $68.98 in premarket trading about 45 minutes ahead of the market open.
Besides cigarettes, Altria also sells several wine labels, including Chateau Ste. Michelle, Columbia Crest and 14 Hands.
_____
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MO at http://www.zacks.com/ap/MO
_____
Keywords: Altria, Earnings Report, Priority Earnings
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
