Altria Group tops 1Q profit expectations on revenue boost
Marlboro maker Altria Group Inc. reported lower first-quarter profit because of debt costs, but the adjusted results still topped Wall street expectations, partly on rising cigarette prices.
The company's profit fell 13.4 percent to just under $1.02 billion, or 52 cents per share, while revenue rose 5.2 percent to $5.8 billion.
Adjusted for special items, the company said it earned 63 cents per share. Analysts polled by FactSet expected profit of 62 cents per share.
The most significant special cost was related to a tender offer completed in March and early extinguishment of debt.
Altria reaffirmed its full-year profit outlook of $2.75 to $2.80 per share.
Its shares slipped 1.5 percent to $51.35 in premarket trading.