Altria Group Earnings Beat Estimates, Reaffirms Outlook

Altria Group Inc. reported first-quarter net income of $1.22 billion, or 62 cents per share, up from $1.02 billion, or 52 cents per share, for the same period last year. Adjusted earnings were 72 cents per share, beating the FactSet consensus of 68 cents per share. Revenue for the quarter totaled $6.07 billion, up from $5.80 billion and ahead of the FactSet consensus of $5.99 billion. Revenue from smokeable products totaled $5.42 billion, up from $5.22 billion for the same period last year. The company estimates that pre-tax restructuring charges for the productivity initiative announced in January are estimated to be about $140 million. The company reaffirmed its full-year 2016 adjusted EPS guidance between $3.00 and $3.05. Altria shares are up 0.4% in Thursday premarket trading, and up 19% for the past 12 months. The S&P 500 is down 0.9% for the last year.