Adjusted earnings rise at Altria
- July 20, 2011
A one-time charge related to leveraged lease transactions dropped Richmond-based Altria Group Inc.’s reported earnings per share 58 percent to 21 cents in the second quarter.
Excluding special charges, however, the tobacco company’s adjusted, diluted earnings per share rose 6 percent to 53 cents for the second quarter and 5.4 percent to 97 cents per share for the first half of the year.
The special charge concerned tax treatment of leveraged lease transactions by PMCC, an Altria subsidiary.
Reported operating company income from cigarettes rose 5.9 percent during the quarter to $1.54 billion while adjusted operating company income was up 2.8 percent to virtually the same number.
Marlboro brand cigarettes picked up 0.4 retail share points in the past three months, while Copenhagen and Skoal’s combined retail share rose 0.8 points in the past year.
Net revenue for the second quarter fell 5.6 percent to $5.9 billion.