Altria’s Profit Drops for Third Straight Quarter
From Bloomberg News
Altria Group Inc., parent of cigarette maker Philip Morris, said profit fell for a third consecutive quarter as sales declined and the company spent more to win back smokers from lower-priced brands.
Second-quarter net income dropped 6.6% to $2.44 billion, or $1.20 a share, from $2.61 billion, or $1.21, a year earlier, the New York-based company said.
Revenue declined 1.3% to $20.8 billion, hurt by a $383-million plunge in U.S. tobacco sales and disappointing profit at its Kraft Foods unit.
Shares of Altria fell 17 cents to $39.83; Kraft, which is 84% owned by Altria, slumped $1.99 to $28.81, both on the NYSE.
