Altria (MO) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
Zacks Investment Research | Apr 25, 2018 11:45PM ET
Altria Group Inc.’s (NYSE:MO) recently-reported first-quarter 2018 results showed continued strength in the bottom line. The quarterly performance also reflected improved revenues in the smokeless category. Nevertheless, lower cigarette volumes remained a drag.
Quarter in Details
Adjusted earnings of 95 cents per share surpassed the Zacks Consensus Estimate of 93 cents. Earnings also surged 30.1% year over year on the back of greater equity earnings from the company’s beer investments related to AB InBev (NYSE:BUD) , higher adjusted operating companies income (“OCI”) in the smokeless segments, lower outstanding shares and reduced adjusted tax rate. These positives were partially offset by reduced adjusted OCI in the smokeable unit.
Net revenues of this Zacks Rank #3 (Hold) company inched up 0.4% year over year to $6.1 billion, driven by higher revenues in the smokeless segment, largely offset by a drop in the smokeable category. Revenues net of excise taxes improved 1.8% to $4.7 billion. The Zacks Consensus Estimate was $4.6 million.
Also, in the said period, gross profit improved 5.8% from the prior-year quarter to $2,936 million.
Altria Group, Inc. Price, Consensus and EPS Surprise
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