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Altria 2nd-Quarter Net Doubles on Higher Prices; Co Raises Year View

By Melodie Warner Altria Group Inc.'s (MO) second-quarter earnings more than doubled as higher prices increased the tobacco company's revenue faster than expected. The company also raised the low end of its full-year adjusted earnings estimate by two cents, now projecting a range of $2.19 to $2.23 a share. The maker of Marlboro cigarettes has seen its revenue challenged by declining cigarette volumes. But its earnings have generally improved due to increased demand for its smokeless-tobacco products, such as Copenhagen. Altria reported a profit of $1.23 billion, or 60 cents a share, up from $444 million, or 21 cents a share, a year earlier. Excluding items such as asset impairment, exit, integration and implementation costs, earnings rose to 59 cents from 54 cents. Revenue, excluding excise taxes, jumped 14% to $4.58 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 57 cents on revenue of $4.48 billion. Revenue from cigarettes edged up 0.8%, primarily due to higher list prices. The volume of its Marlboro cigarettes slipped 0.8%, while other premium-cigarette volume declined 8.4% and discount-cigarette volume jumped 24%. Smokeless products revenue jumped 5.4%, reflecting higher volume and pricing. Shares closed Monday at $35.49 and were inactive premarket. The stock has gained 35% over the past year. Write to Melodie Warner at melodie.warner@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Altria (MO)
DateTimeHeadline
07/29/201513:02:33Altria Nudges Guidance Higher as Revenue Rises -- Update
07/29/201509:54:36Quarterly Report (10-q)
07/29/201508:30:05Altria Nudges Guidance Higher as Revenue Rises
07/29/201508:09:12Altria Nudges Guidance Higher as Revenue Rises
07/29/201507:07:12Current Report Filing (8-k)
07/29/201507:00:00Altria Reports 2015 Second-Quarter & First-Half Results; Raises...
07/28/201508:20:10Reynolds American Lifts Earnings Outlook
07/27/201519:33:46Improving Economy Boosts Altria's Marlboro Sales--Earnings Preview
07/16/201512:32:34Philip Morris International Delivers Another Solid Earnings Report
07/16/201508:59:00Altria Announces Expansion of Strategic Framework with Philip...
07/15/201510:00:00Altria to Host Webcast of 2015 Second-Quarter Results
07/10/201510:59:02Stocks To Watch in Consumer Staples: Altria Group Inc and Tyson...
07/08/201518:25:033 Consumer Goods Stocks to Buy in July
07/08/201508:57:02Why Altria Group Stock Is Letting the Flame Die Out in 2015
07/02/201515:34:54Statement of Changes in Beneficial Ownership (4)
07/02/201515:31:52Statement of Changes in Beneficial Ownership (4)
07/02/201515:27:41Statement of Changes in Beneficial Ownership (4)
07/02/201515:21:35Statement of Changes in Beneficial Ownership (4)
07/01/201511:45:21Amended Annual Report (10-k/a)
06/23/201512:04:19Current Report Filing (8-k)

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