Shares of the company, however, rose about 3% in early trading after it said it would continue to pay a dividend.
Altria said it would approach the 2020 dividend by recommending a quarterly rate that reflects its cash position and balance sheet strength.
|MO||ALTRIA GROUP, INC.||49.97||+0.44||+0.89%|
To save cash, its board also decided to rescind its $1 billion share buyback program that had $500 million remaining.
Revenue, net of excise taxes, rose 15% to $5.05 billion, helped by shoppers stocking up on cigarettes ahead of coronavirus-related shutdowns around the world. Analysts on average expected $4.61 billion, according to Refinitiv.
Earnings per share came in at $1.09, handily beating the average analyst estimate of 98 cents per share.