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Altria quarterly profit up 1.6 percent, raises full-year outlook
07-02-2006
NEW YORK – Altria Group Inc., the world’s largest cigarette maker and majority owner of Kraft Foods, reported a 1.6 percent rise in net profit for the second quarter today and raised its full-year guidance.
The parent company of Marlboro and Parliament cigarettes said net income grew to $2.71 billion, or $1.29 per share, from $2.67 billion, or $1.28 per share, in the second quarter a year ago. Revenue climbed 4 percent to $25.77 billion from $24.78 billion last year.
Excluding certain tax and impairment costs, the company reported earnings from continuing operations of $1.41 per share, up almost 7 percent from $1.32 per share in last year’s second quarter.
Analysts polled by Thomson Financial on average were predicting second-quarter earnings of $1.37 a share on $17.8 billion in revenue.
Chief Executive Louis C. Camilleri said the company saw continued strength in its domestic tobacco, international tobacco and food businesses.
The company raised its full-year guidance to a range of $5.40 to $5.50 per share from a range of $5.25 to $5.35 per share. Wall Street projects full-year earnings to be $5.30 per share.
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