Altria Profit Tops Estimates as Smokers Spend Gas Savings
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Altria Group Inc., the largest seller of tobacco in the U.S., posted first-quarter profit that topped analysts’ estimates as low gas prices and higher wages helped smokers buy more expensive cigarettes.
Earnings rose to 72 cents a share, excluding some items, the Richmond, Virginia-based company said in a statement Thursday. Analysts estimated 68 cents, on average. Sales excluding excise taxes rose 6 percent to $4.53 billion, topping analysts’ $4.42 billion average projection.