Tobacco Manufacturer Altria Group Reports Q3 Earnings Above Expectations

By Trey Williams Markets MarketWatch Pulse

Shares of Altria Group Inc. edged slightly in premarket trade on Thursday after the company reported third-quarter earnings just above Wall Street expectations. The tobacco company reported net income of $1.09 billion, or 56 cents per share, compared with $1.53 billion, or 78 cents during the same quarter a year ago. Adjusted earnings per share were 82 cents, just above the FactSet consensus of 81 cents. Revenue for the quarter reached $6.91 billion, compared with $6.70 billion last year. FactSet's revenue consensus was $6.81 billion. Net revenue for smokeable products rose 2.7% to $4.48 billion, while smokeless products saw a 10% increase, hitting $493 million. The company said it holds expectations that full-year earnings will be in the range of $2.98 to $3.04. Altria shares are up nearly 11% in the year to date, outperforming the S&P 500 Index , which is up about 5%.

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