Altria Group Inc. (NYSE: MO) reported first-quarter 2014 results before markets opened Thursday. The tobacco company posted adjusted diluted earnings per share (EPS) of $0.57 on revenues of $4.01 billion. In the same period a year ago, the company reported adjusted EPS of $0.54 on revenues of $3.97 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.57 and $4.03 billion in revenues.

The company’s CEO said:

During the first quarter, Altria grew adjusted diluted EPS by 5.6% behind the strength of our core tobacco businesses and their leading premium brands. Our smokeable and smokeless products segments grew their adjusted operating companies income and expanded margins. … We also continued to make disciplined investments to grow new income streams with innovative products.

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During the first quarter, Altria repurchased approximately 7.5 million shares of its common stock for a total cost of around $272 million. The company has about $185 million remaining in its current $1 billion program, which it expects to complete by the end of the third quarter of 2014.

For the full year, Altria forecasts adjusted diluted EPS in the range of $2.51 to $2.58. The consensus estimate for 2013 calls for EPS of $2.56 on revenues of $17.84 billion. For the second quarter, analysts estimate EPS at $0.67 on $4.64 billion in revenue.

Altria is seen as a defensive stock for its high and safe dividend, as well as having its fingers into e-cigarettes and beer.

Altria shares were inactive in premarket trading Thursday, having closed Wednesday at $38.31. This 52-week range is $33.12 to $38.66, and Thomson Reuters had a consensus analyst price target of only $38.67 before this report.

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