Altria Results Narrowly Top Views
27 October 2016 - 11:20PM
Dow Jones News
By Anne Steele
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 08:05 ET (12:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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