Altria Group Inc. (NYSE: MO), makers of Marlboro cigarettes for the U.S. market, reported second-quarter results this morning, posting earnings per share (EPS) of $0.60 on revenue of $4.6 billion. Thomson Reuters had consensus estimates for EPS of $0.57 and revenue of $4.48 billion.
The company also raised full-year adjusted EPS growth guidance to a range of $2.29 to $2.33 from the previous $2.28 to $2.34. The current consensus estimate calls for $2.21.
Altria noted:
The revised forecast reflects estimated total net income of $0.10 per share related to SABMiller plc (SABMiller) special items and a Philip Morris Capital Corporation (PMCC) leveraged lease benefit, partially offset by asset impairment, exit and implementation costs related to the cost reduction program announced in fourth quarter of 2011.
Altria’s 27% ownership stake in brewer SABMiller paid off handsomely for the tobacco products company this quarter, after adding just $0.01 to Altria’s first-quarter EPS.
Altria’s shares are up about 0.7% in the first half hour of trading this morning, at $35.72 in a 52-week range of $23.20 to $36.05.
Paul Ausick
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