Altria’s second-quarter adjusted profit more than doubles

Altria Group Inc.
MO,
-0.15%
stock was down fractionally in premarket trading on Tuesday after the tobacco company’s profit more than doubled. The company said its second-quarter net income rose to $2.117 billion, or $1.19 a share, from $891 million, or 49 cents a share, in the year-ago quarter. Adjusted second-quarter profit of $1.31 a share beat the analyst expectation of $1.30 a share, according to FactSet data. Net revenue for the three months ended June 30 net of excise taxes rose 1.2% to $5.44 billion, in line with analyst expectations. Looking ahead, Altria continues to expect a 2023 adjusted profit of $4.89 to $5.03 a share, compared to the analyst forecast of $4.99 a share.