Altria Says Cigarette Sales Continue to Decline
Altria Group Inc. reported its second quarter earnings. Although revenue beat Wall Street expectations, adjusted earnings fell short. The Company attributes this to the decline of cigarette sales, as e-cigarettes grow in popularity. Altria sells Marlboro, the largest U.S. cigarette brand, but declines in cigarette sales puts the Company in a rough spot, forcing them to look for growth in other areas, such as e-cigarettes, oral nicotine pouches and cannabis products. Shares of the market fell 1% in premarket trading. According to Refinitiv analysts, the Company reported earnings per share of USD 1.10, adjusted vs. earnings per share of USD 1.11, expected and a revenue of USD 5.19 Billion vs. an estimated revenue of USD 5.09 Billion.
2019-08-05
financialbuzz.com
|