Altria: 3Q Earnings Snapshot
RICHMOND, Va. (AP) _ Altria Group (MO) on Friday reported a loss of $952 million in its third quarter.
The Richmond, Virginia-based company said it had a loss of 51 cents per share. Earnings, adjusted for non-recurring costs and asset impairment costs, came to $1.19 per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
The owner of Philip Morris USA, the nation's largest cigarette maker posted revenue of $7.12 billion in the period. Its adjusted revenue was $5.68 billion, which also topped Street forecasts. Four analysts surveyed by Zacks expected $5.52 billion.
Altria expects full-year earnings in the range of $4.30 to $4.38 per share.
Altria shares have dropped 26% since the beginning of the year, while the Standard & Poor's 500 index has risen 2.5%. The stock has dropped 21% in the last 12 months.