Altria Raises Quarterly Dividend by 8.7%
August 21 2015 - 11:59AM
Dow Jones News
By Ezequiel Minaya
Altria Group Inc. said Friday that it raised its quarterly
dividend by 8.7%, its 49th increase in the past 46 years.
The maker of Marlboro cigarettes boosted the payout to 56.50
cents a share from 52 cents a share, payable Oct. 9 to stockholders
of record as of Sept. 15.
In July, the tobacco giant said its cigarette shipment volume
increased 3.1% in the second quarter as tobacco consumers benefited
from sagging fuel prices and an improving economy.
As a result, Altria's net revenue after excise taxes rose 6.7%
to $4.9 billion and the company raised its earnings guidance for
the year.
The company said the revised dividend rate is in line with a
payout ratio target of about 80% of its adjusted diluted earnings
per share.
Shares were slightly higher in midmorning trade, despite a broad
market selloff, and are up 11% in the year so far.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 21, 2015 11:44 ET (15:44 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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