Tobacco giant Altria Group, Inc. (NYSE: MO) reported stronger-than-expected earnings and revenues for the third quarter of 2020. The company also issued earnings guidance for fiscal 2020. The stock gained modestly on Friday morning, after closing the previous session higher.
The company posted adjusted earnings of $1.19 per share for the September-quarter, unchanged from the prior-year period but slightly above analysts’ estimates. On an unadjusted basis, it was a net loss of $951 million or $0.51 per share, narrower than the $2.6 billion or $1.39 per share loss reported last year.
Revenues increased 3.9% annually to $7.12 billion in the third quarter of 2020, far exceeding the consensus forecast.
Read management/analysts’ comments on Altria’s Q3 results
“In the third quarter, our tobacco businesses delivered strong financial performance once again and we continued to make progress against our 10-year Vision,” said Altria’s CEO Billy Gifford.