Altria Group Inc.'s third-quarter results inched in above Wall Street expectations as cigarette volumes declined but market share in the segment improved.

Cigarette-shipment volume slipped 1% as an overall industry decline offset trade inventory movements.

Altria's cigarette market share edged up to 51.4% from 51.3%, as a 0.1% increase in Marlboro and discount brands retail share were offset by and a 0.1% decrease in other premium cigarette sales. For cigars, Altria's market share fell to 27.1% from 28.4%.

Altria, the U.S.'s largest tobacco company has been facing stronger competition from No. 2 player Reynolds American Inc.

In all for the September quarter, Altria's earnings fell to $1.09 billion, or 56 cents a share, from $1.53 billion, or 78 cents a share, a year prior. Earnings were dented by a 28-cent per-share loss on early extinguishment of debt in 2016. Excluding certain items, per-share earnings rose to 82 cents. Analysts polled by Thomson Reuters had forecast earnings of 80 cents.

Net revenue after excise taxes grew 4.3% to $5.2 billion, just topping analyst estimates for $5.11 billion.

Altria backed its guidance for the year for adjusted in the range of $2.98 to $3.04 a share.

Shares, inactive premarket, have risen 11% this year.

Write to Anne Steele at Anne.Steele@wsj.com

 

(END) Dow Jones Newswires

October 27, 2016 08:15 ET (12:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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