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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
07/02/201515:34:54Statement 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)
06/23/201508:00:00Altria Holds Investor Day; Reaffirms 2015 Adjusted Diluted EPS...
06/17/201518:13:033 Sin Stocks With 5% Dividend Yields
06/11/201514:14:12Annual Report of Employee Stock Plans (11-k)
06/11/201514:08:03Annual Report of Employee Stock Plans (11-k)
06/09/201510:00:00Altria to Host Webcast of Its Investor Day
06/03/201518:00:18Stocks to Watch in E-Cigs: Altria Group Inc., Reynolds American...
06/02/201513:27:19Tobacco Companies Drop Suit Against FDA Over Labeling
06/02/201508:23:033 Sin Stocks With Strong Dividends
06/01/201512:44:02Tobacco Industry Reshaped as Reynolds American, Inc. and Lorillard...
05/27/201512:07:27Securities Registration: Employee Benefit Plan (s-8)
05/26/201521:55:39Stocks to Watch in Tobacco: Altria Group Inc., Philip Morris...
05/26/201520:02:01Reynolds-Lorillard Tobacco Merger Gets FTC Clearance -- Update
05/26/201520:00:14FTC Clears Reynolds-Lorillard Deal
05/26/201519:16:29Reynolds-Lorillard Tobacco Merger Gets FTC Clearance -- Update

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