Altria Group profit, revenue climb in second quarter

RICHMOND, Virginia -- Altria Group Inc., owner of Philip Morris USA, said Wednesday that its second-quarter profit rose 9 percent partly on lower corporate expenses, an acquisition and improved cigarette sales.

The seller of Marlboro cigarettes and Black & Mild cigars also raised its full-year forecast for adjusted earnings from continuing operations.

Altria earned $1.01 billion, or 49 cents per share, compared with $930 million, or 45 cents per share, in the same quarter a year ago. Excluding exit costs related to plant closings and other items, adjusted earnings were 50 cents per share.

Analysts polled by Thomson Reuters, whose estimates normally exclude one-time items, forecast profit of 47 cents per share.

Revenue grew 33 percent to $6.72 billion from $5.05 billion as both cigarette and cigar sales improved. The Richmond, Virginia-based company also credited higher pricing related mostly to the federal excise tax increase and its January acquisition of smokeless tobacco maker UST Inc.

The company's revenue topped Wall Street's estimate of $5.35 billion.

Altria lowered its general corporate expenses to $50 million from $73 million during the quarter.

The company lifted its full-year outlook for adjusted earnings from continuing operations to a range of $1.72 to $1.77 per share. Previously, the company predicted $1.70 to $1.75 per share.

Analysts expect full-year profit of $1.71 per share.