Altria up after raising annual profit forecast
MO•Altria raised its full-year adjusted EPS forecast to $5.66-$5.74 from $5.61-$5.72. Third-quarter adjusted EPS was $1.52, above estimates of $1.51, and quarterly revenue was $6.13 billion, topping expectations of $5.31 billion.
1. Higher annual forecast
Altria raised its full-year adjusted earnings per share forecast to $5.66 to $5.74, from $5.61 to $5.72 previously, as customers increasingly turned to its lower-priced cigarette brands amid growing inflationary pressures.
2. Quarterly results
The company reported third-quarter adjusted EPS of $1.52, above estimates of $1.51, and net revenue of $6.13 billion, compared with expectations of $5.31 billion. Altria shares were up about 2% at $74.02 in premarket trading; they were up about 27% year to date through the previous close.
