Tobacco Manufacturer Altria Group Reports Q3 Earnings Above Expectations

By Trey WilliamsMarketsMarketWatch Pulse

Shares of Altria Group Inc. edged slightly in premarket trade on Thursday after the company reported third-quarter earnings just above Wall Street expectations. The tobacco company reported net income of $1.09 billion, or 56 cents per share, compared with $1.53 billion, or 78 cents during the same quarter a year ago. Adjusted earnings per share were 82 cents, just above the FactSet consensus of 81 cents. Revenue for the quarter reached $6.91 billion, compared with $6.70 billion last year. FactSet's revenue consensus was $6.81 billion. Net revenue for smokeable products rose 2.7% to $4.48 billion, while smokeless products saw a 10% increase, hitting $493 million. The company said it holds expectations that full-year earnings will be in the range of $2.98 to $3.04. Altria shares are up nearly 11% in the year to date, outperforming the S&P 500 Index , which is up about 5%.

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