
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.