Tobacco company Altria Group, Inc. (NYSE: MO) has reported an increase in first-quarter profit despite a modest decrease in revenues. The company’s stock traded higher in the early hours of Friday’s session.
First-quarter earnings, adjusted for special items, moved up to $1.12 per share from $1.07 per share in the comparable period of fiscal 2021. On an unadjusted basis, net profit increased to $1.95 billion or $1.08 per share from $1.42 billion or$0.77 per share last year.
Total revenues decreased 2% annually to $5.89 billion during the three-month period, reflecting continued weakness in the core tobacco business.
Check this space to read management/analysts’ comments on Altria’s Q1 2022 earnings
“We are off to a strong start to the year and believe our businesses are on track to deliver against their
full-year plans. Our tobacco businesses performed well in a challenging macroeconomic environment and we
continued to make progress toward our Vision to responsibly lead the transition of adult smokers to a smoke-free
future,” said Billy Gifford, chief executive officer of Altria.