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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
04/28/201610:00:57Quarterly Report (10-q)
04/28/201608:02:00Altria Profit, Revenue Grow as Cigarette Shipments Rise
04/28/201607:06:26Current Report Filing (8-k)
04/28/201607:00:00Altria Reports 2016 First-Quarter Results and Reaffirms Full-Year...
04/26/201612:22:00Reynolds American Sales Surge on Lorillard Acquisition--Update
04/26/201609:30:00Reynolds American Growth Continues on Newport Acquisition
04/14/201610:30:00Altria to Host Webcast of 2016 First-Quarter Results
04/07/201618:48:00Philip Morris USA Wins Missouri “Lights” Class Action Jury Tri...
04/07/201609:05:05Additional Proxy Soliciting Materials (definitive) (defa14a)
04/07/201608:55:06Proxy Statement (definitive) (def 14a)
04/04/201615:24:39Statement of Changes in Beneficial Ownership (4)
04/04/201615:21:08Statement of Changes in Beneficial Ownership (4)
04/04/201615:17:05Statement of Changes in Beneficial Ownership (4)
02/25/201610:54:15Securities Registration: Employee Benefit Plan (s-8)
02/25/201609:15:00Altria Declares Regular Quarterly Dividend of $0.565 per Common...
02/17/201612:47:17Current Report Filing (8-k)
02/17/201608:00:00Altria Presents at the Consumer Analyst Group of New York Conference;...
02/16/201616:41:37Statement of Changes in Beneficial Ownership (4)
02/16/201616:37:41Statement of Changes in Beneficial Ownership (4)
02/16/201616:08:12Statement of Changes in Beneficial Ownership (4)

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