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09:03PM (15 mins delay)
Oct 22, 2009 - 11:20 AM EDT
Zacks.com submits:Altria Group (MO) reported strong third-quarter results, with earnings of 48 cents per share. Earnings were 2 cents above the Zacks Consensus Estimate and up 4.3% year-over-year. Profits were primarily driven by the company’s cost savings efforts and growth in the cigar unit.
Net revenues increased 20.3% year-over-year to $6.3 billion, primarily driven by cigar segment results that increased 56.1%. The cigarette segment revenues increased only 10.7% for the quarter, as it was impacted by higher pricing related to the Apr 1, 2009, federal excise tax (FET) increase. Altria’s smokeless products segment posted revenues of $352 million. Altria had acquired UST and its smokeless tobacco business, USSTC, on Jan 6, 2009. (As a result, financial results are from Jan 6 through Sep 30, 2009).
Source: Seeking Alpha (Oct 22, 2009 - 11:20 AM EDT)
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