Tobacco giant Altria Group, Inc. (NYSE: MO) on Wednesday announced financial results for the second quarter, reporting a decrease in revenue and flat earnings on an adjusted basis.
Net revenues decreased 4.6% year-over-year to $6.21 billion in the June quarter. The decline was primarily driven by lower revenues in the smokeable products segment, partially offset by higher revenues in the oral tobacco products segment.
Second-quarter earnings, excluding one-off itmes, remained unchanged year-over-year at $1.31 per share. On a reported basis, net profit rose sharply to $3.8 billion or $2.21 per share from $2.12 billion or $1.19 per share in the prior-year quarter.
“Altria’s momentum continues to build as we pursue our Vision to responsibly lead the transition of adult smokers to a smoke-free future,” said Billy Gifford, Altria’s CEO.