HENRICO COUNTY (dpa-AFX) - Altria Group, Inc. (MO) Wednesday reported net earnings of $2.378 billion or $1.41 per share for the second quarter, lower than $3.803 billion or $2.21 per share in the same quarter a year ago.
In the previous-year quarter, the company had recorded a gain of $2.7 billion on sale of IQOS System commercialization rights.
Excluding one-time items, adjusted earnings increased to $2.433 billion or $1.44 per share from $2.288 billion or $1.33 per share in the prior year.
On average, 13 analysts expected earnings of $1.38 per share. Analysts' estimates typically exclude special items.
Operating income increased to $3.23 billion from $2.533 billion last year.
Revenue for the quarter declined 1.7% to $6.102 billion from $6.209 billion in the previous year, mainly due to lower net revenues in the smokeable products segment. The consensus estimate was for $5.19 billion.
For the full year, the company has raised the lower end of its adjusted EPS outlook and now expects $5.35 to $5.45 per share. The Street is looking for EPS of $5.38 for the year.
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