Altria beats profit estimates for the first quarter as revenue falls slightly short

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Altria Inc. shares MO, +0.07% rose slightly premarket after the parent of tobacco company Philip Morris USA beat profit estimates for the first quarter but revenue fell slightly short. The company posted net income of $1.959 billion, or $1.08 a share, for the quarter, up from $1.424 billion, or 77 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.12, ahead of the $1.09 FactSet consensus. Revenue net of excise taxes came to $4.819 billion, down 1.3% from a year ago and below the $4.876 billion FactSet consensus. The company highlighted challenges it faced in the quarter, including the war in Ukraine that boosted supply chain and inflationary pressures, and the hit to disposable income for adult tobacco users as pandemic stimulus funds end and gas prices rise. But it’s sticking with its full-year guidance for adjusted EPS of $4.79 to $4.93, which wraps around the FactSet consensus of $4.84. Shares have gained 16% in the year to date, while the S&P 500 SPX, +0.21% has fallen 12%.

This article was originally published by Marketwatch.com. Read the original article here.

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