SurfaceUnits
07-25-06, 04:29 PM
http://i.cnn.net/money/2006/07/25/news/companies/bc.tobacco.altria.earns.reut/altria_philip_morris.03.jpg
Altria sees 1.6% profit increase
Food and tobacco company's earnings aided by price hikes, gains in market share.
July 25 2006: 7:58 AM EDT
CHICAGO (Reuters) -- Altria Group Inc. on Tuesday posted a 1.6 percent increase in quarterly net income, helped by price increases and market share gains in the United States.
The parent of Marlboro cigarette makers Philip Morris USA and Philip Morris International and Oreo cookie maker Kraft Foods Inc. posted profit of $2.71 billion, or $1.29 a share, for the second quarter. That compares with $2.67 billion, or $1.28, a year earlier.
Excluding asset impairment and other charges, earnings were $1.41 a share. Analysts, on average, forecast $1.37, according to Reuters Estimates.
Altria (Charts) shares are up more than 8 percent since July 5, when the Florida Supreme Court refused to reinstate a $145 billion damage award against the tobacco industry. That decision cleared a major hurdle from Altria's plan to spin off the rest of the Kraft business and possibly break Altria into three separate companies.
Excluding excise taxes, revenue rose 3.1 percent to $17.87 billion. Analysts, on average, had forecast $17.86 billion on the same basis.
Total revenue, which includes the taxes, increased 4 percent to $25.77 billion.
Altria shares, which have traded on legal decisions and expectations for the break-up in recent months, trade at about 14.2 times estimated 2007 earnings, compared with 12.8 times for the Dow Jones Industrial Average, which includes Altria as a component.
Altria sees 1.6% profit increase
Food and tobacco company's earnings aided by price hikes, gains in market share.
July 25 2006: 7:58 AM EDT
CHICAGO (Reuters) -- Altria Group Inc. on Tuesday posted a 1.6 percent increase in quarterly net income, helped by price increases and market share gains in the United States.
The parent of Marlboro cigarette makers Philip Morris USA and Philip Morris International and Oreo cookie maker Kraft Foods Inc. posted profit of $2.71 billion, or $1.29 a share, for the second quarter. That compares with $2.67 billion, or $1.28, a year earlier.
Excluding asset impairment and other charges, earnings were $1.41 a share. Analysts, on average, forecast $1.37, according to Reuters Estimates.
Altria (Charts) shares are up more than 8 percent since July 5, when the Florida Supreme Court refused to reinstate a $145 billion damage award against the tobacco industry. That decision cleared a major hurdle from Altria's plan to spin off the rest of the Kraft business and possibly break Altria into three separate companies.
Excluding excise taxes, revenue rose 3.1 percent to $17.87 billion. Analysts, on average, had forecast $17.86 billion on the same basis.
Total revenue, which includes the taxes, increased 4 percent to $25.77 billion.
Altria shares, which have traded on legal decisions and expectations for the break-up in recent months, trade at about 14.2 times estimated 2007 earnings, compared with 12.8 times for the Dow Jones Industrial Average, which includes Altria as a component.