Altria beats analysts’ expectations
- October 23, 2008
Altria reported $867 million net income, compared with $2.63 billion during the same quarter last year. Altria spun off Philip Morris International last year.
Revenue rose 5 percent to $5.24 billion.
Altria reported per-share profit of 46 cents per share, 2 cents higher than Wall Street’s estimates. The company said that although cigarette shipment volume declined, revenues rose on lower wholesale costs.
The company also announced its $10.4 billion takeover of snuff maker UST Inc. has passed antitrust review. It expects to close the deal in January.