Altria Shares Fall After First-quarter Earnings Miss

Altria Group Inc. shares fell 1% in premarket trade Tuesday after the company missed first-quarter earnings expectations. It reported net income of $1.4 billion, or 72 cents per share, up from $1.2 billion, or 62 cents per share, in the year-earlier period. It reported adjusted earnings per share of 73 cents, below the FactSet consensus of 74 cents. Revenue was $6.08 billion, up from $6.07 billion in the year-earlier period, but below the FactSet consensus of $6.18 billion. It reaffirmed its full-year guidance of adjusted earnings per share between $3.26 and $3.32. The FactSet consensus for the full year was $3.30. Shares of Altria have fallen 1% in the past three months, compared to the S&P 500's gain of 5%.