Smoking! Altria's Earnings Stronger Than Expected (MO)

Altria Group Inc. MO reported earnings this morning that matched analyst estimates, but the stock is down 1% in pre-market trading. The company reported earnings of 45 cents, or 44 cents excluding one-time items. The company reported revenues of $3.94 billion. Wall Street expected earnings of 44 cents per share on revenues of $3.9 billion. The company also reaffirmed its full-year forecast for earnings between $2 and $2.06 per share. On a disappointing side, Altria said Marlboro lost 0.5% in market share, going to 42.2%. Virginia Slims, Parliament and Basic, also lost ground. “Altria delivered solid financial results in the first quarter as our businesses navigated through high unemployment, low consumer confidence and a competitive business environment,” said Michael E. Szymanczyk, Chairman and Chief Executive Officer of Altria. “As we anticipated, adjusted EPS growth comparisons for the first quarter were challenging, but our results exceeded our initial expectations and give us confidence in our belief that we can achieve adjusted diluted EPS growth within our forecasted range for the year.” At last check, shares of Altria were off 26 cents in pre-market trading to $26.12, a loss of nearly 1%.