Altria Group Reports $920 Million Profit (MO)

Richmond, Virginia-based Altria Group, Inc. MO released financial results on Thursday morning. Altria Group, Inc announced that its 4th quarter net earnings climbed 26.7% to $920 million, or 44 cents per share, up from $726 million, or 35 cents per share, a year earlier. Altria Group, Inc reported revenue of $5.93 billion, down 1.4% from $6.01 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 44 cents per share, on revenue of $4.27 billion. Chairman and Chief Executive Officer Michael E. Szymanczyk said, “Altria successfully navigated a challenging economic environment in 2010 and delivered strong results to our shareholders. Altria grew its adjusted diluted earnings per share by nearly 9% in 2010, and increased its quarterly dividend rate by 11.8%, reflecting the underlying financial strength of our businesses. Altria's total shareholder return in 2010 was 32.9%, outpacing the S&P 500's total return of 14.8% for the eleventh straight year.” The company forecast that 2011 full-year diluted earnings per share will be in the range of $2.00 to $2.06. Altria Group, Inc. (MO) finished the previous trading day at $24.26 per share. The consensus price target of analysts covering the company's stock is $26.00 per share. Read more from Benzinga's Company news.