Altria Earnings Miss Estimates

Altria Group Inc. reported second-quarter net income of $1.99 billion, or $1.03 per share, up from $1.65 billion, 84 cents per share, for the same period last year. Adjusted EPS was 85 cents, missing the 86-cent FactSet consensus. Revenue totaled $6.66 billion, up from $6.52 billion and ahead of the $6.65 billion FactSet consensus. "The smokeable products segment generated strong income growth despite a large cigarette excise tax increase in California, and the smokeless products segment has largely rebounded from its first-quarter voluntary product recall," said Chief Executive Marty Barrington in a statement. Smokeable products sales were $5.92 billion, up from $5.83 billion last year. And sales of smokeless products totaled $564 million, up from $523 million the previous year. Altria reaffirmed its full-year adjusted EPS guidance in the range of $3.26 to $3.32. The FactSet consensus is $3.29. Altria shares are nearly flat in Thursday premarket trading, and up 6.1% for the year-to-date. The S&P 500 index is up 10.7% for the year so far.