“RICHMOND, Va. (AP) — Marlboro maker Altria Group Inc.’s third-quarter net income fell 44 percent on charges for a loss on early extinguishment of debt. But it sold more cigarettes at higher prices and expanded its industry-leading share of the U.S. market.
The owner of the nation’s biggest cigarette maker, Philip Morris USA, on Thursday reported net income of $657 million, or 32 cents per share, for the three-month period ended Sept. 30, down from $1.17 billion, or 57 cents a share, a year earlier.
Earnings were impacted by previously announced plan to buy back $2 billion in debt, which resulted in a charge of $874 million in the third quarter. Adjusted earnings were 58 cents per share, matching Wall Street expectations.
The Richmond, Va.-based company said revenue, excluding excise taxes, rose about 3 percent to $4.46 billion as higher costs to promote its top-selling Marlboro brand were offset by higher prices and volumes. Analysts polled by FactSet expected revenue of $4.36 billion.
Its shares rose 22 cents to $32.35 in premarket trading. Its shares hit a 52-week peak of $36.29 in early August.”
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