UPDATE: Altria Reports 57% Drop In Q2 Net Profit

Altria Group Inc MO reported a 57% decline in its Q2 net profit. Altria's quarterly net profit declined to $444 million, or $0.21 per share, from $1.04 billion, or $0.50 per share, in the year-earlier quarter. Altria's revenue dropped 5.6% to $5.92 billion. Its adjusted earnings gained 6% to $0.53 per share. Analysts were expecting earnings of $0.53 per share. Altria reaffirmed its 2011 earnings forecast in a range of $1.70 to $1.76 per share and adjusted earnings in a range of $2.01 to $2.07 per share. Analysts were expecting adjusted earnings of $2.04 per share. Altria shares gained 0.30% to $27.10 in after-hours trading.