Tobacco giant Altria second quarter earnings growth of 3%

Tobacco Marlboro cigarette maker Altria Group on July 23 reported earnings for the second quarter net profit rose about 3%, product price increases as well as from a long-term legal settlement expenses offset by a decline in cigarette sales decline.

The company posted net profit from a year earlier to $ 1.22 billion, 60 cents per share increased to $ 1.27 billion, or 63 cents per share. Excluding one-time items, adjusted earnings per share of 62 cents, higher than the accepted average, analysts polled by FactSet expected 61 cents.

Not inclusive of consumption tax, revenue fell 2.5% to $ 4.5 billion, below analysts’ average estimate of $ 4.62 billion.

The company’s cigarette sales fell nearly 7% to $ 33.8 billion. Among them, the Marlboro cigarette sales fell more than 7%, and other high-end brand sales dropped by nearly 11%, L & M and other discount cigarette brand sales increased by nearly 4%.

The company in the U.S. retail market share rose 0.3 percentage points to 50.7%.Marlboro brand’s market share year on year unchanged at 43.7%.

Altria also raised its full-year earnings expectations low, now expects adjusted earnings per share of $ 2.36-2.41, 2.35-2.41 dollars had expected.