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April 30, 2020, 7:16 a.m. EDT

Altria's stock rallies after profit and revenue beats, as COVID-19-related pantry loading boosts cigarette shipments

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By Tomi Kilgore

Shares of Altria Group Inc. /zigman2/quotes/208895754/composite MO +1.49% jumped 2.6% in premarket trading, after the cigarette seller beat profit and revenue expectations, as COVID-19-related pantry loading helped boost shipment volumes. Net income rose to $1.55 billion, or 83 cents a share, from $1.12 billion, or 60 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.09, above the FactSet consensus of 98 cents. Revenue grew 13% to $6.36 billion, beating the FactSet consensus of $5.79 billion. Smokeable products shipments increased 6.2%, Marlboro shipments growing 6.7% and total cigarette shipments up 6.1%, while oral tobacco shipments rose 2.8%. Altria said it was withdrawing its 2020 outlook given uncertainties related to COVID-19, but said it's companies have not experienced material disruptions to supply chains or distribution systems. The stock has declined 19% year to date through Wednesday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17% has shed 14%.

/zigman2/quotes/208895754/composite
US : U.S.: NYSE
$ 42.17
+0.62 +1.49%
Volume: 5.62M
Aug. 7, 2020 4:03p
P/E Ratio
N/A
Dividend Yield
8.16%
Market Cap
$78.37 billion
Rev. per Employee
$2.36M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,433.48
+46.50 +0.17%
Volume: 324.93M
Aug. 7, 2020 5:10p
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