Altria Profit Rises 7.8% on Cigarette Discounts

Altria Group Inc., the parent of cigarette maker Philip Morris and Kraft Foods Inc., said second-quarter profit increased 7.8%, helped by discounts that won back smokers from low-price brands.

Net income climbed to $2.63 billion, or $1.27 a share, from $2.44 billion, or $1.20, a year earlier, the New York-based company said. Sales rose 10% to $23 billion, helped by the weaker U.S. dollar.

Shares of Altria fell 6 cents to $48.77 on the NYSE.