Altria Profit Falls 7.6% as Cigarette Sales Slide
From Bloomberg News
Altria Group Inc. said profit fell for a second consecutive quarter as U.S. sales tumbled and the company spent more on promotions to win back smokers from lower-priced brands.
Net income dropped 7.6% to $2.19 billion, or $1.07 a share, in the first quarter, from $2.37 billion, or $1.09, in the year-earlier period.
Revenue fell 5.7% to $19.4 billion, while volume sales of cigarettes by its Philip Morris USA unit slumped 16%.
Shares of Altria fell 75 cents to $31.70 on the NYSE.
