HENRICO COUNTY (dpa-AFX) - Altria Group Inc. (MO) released earnings for its second quarter that increased from the same period last year but missed the Street estimates.
The company's earnings came in at $3.803 billion, or $2.21 per share. This compares with $2.117 billion, or $1.19 per share, in last year's second quarter.
Excluding items, Altria Group Inc. reported adjusted earnings of $2.258 billion or $1.31 per share for the period.
Analysts on average had expected the company to earn $1.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 4.6% to $6.209 billion from $6.508 billion last year.
Altria Group has revised its annual earnings guidance above analysts' estimates and now projects adjusted income per share of $5.07 to $5.15, compared with the previous outlook of $5.05 to $5.17.
Analysts, on average, forecast the firm to earn $5.1 per share, for the year.
The earnings outlook includes planned investments to support the company's marketplace activities to boost its smoke-free products and continued smoke-free product research, development, and regulatory preparation expenses. MO was trading down by 4.91 percent at $48.07 in the pre-market trade on the New York Stock Exchange.
Altria Group Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $3.803 Bln. vs. $2.117 Bln. last year. -EPS (Q2): $2.21 vs. $1.19 last year. -Revenue (Q2): $6.209 Bln vs. $6.508 Bln last year.
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