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Marlboro parent Altria matches profit expectations but falls a bit shy on revenue, but maintains full-year outlook

Clyde Edgerton by Clyde Edgerton
April 27, 2023
in Markets
Marlboro parent Altria matches profit expectations but falls a bit shy on revenue, but maintains full-year outlook
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Shares of Marlboro parent Altria Group Inc. MO edged up 0.1% in premarket trading Thursday, after the cigarette and tobacco products company matched first-quarter profit expectations but fell shy on revenue, while maintaining its full-year outlook. Net income fell to $1.79 billion, or $1.00 a share, from $1.96 billion, or $1.08 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 5.4% to $1.18, the same as the FactSet consensus. Net revenue fell 2.9% to $5.72 billion, while revenue net of excise taxes declined 1.2% to $4.76 billion to miss the FactSet consensus of $4.90 billion….



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