Altria Group Q3 Earnings Beat Estimates; Confirms Annual Earnings Outlook

(RTTNews) - Cigarette maker Altria Group, Inc. (MO) Thursday reported third-quarter earnings which were nearly flat amid a slight decline in revenues and higher cost of sales. Earnings, however, beat estimates.

For the three months to September, net earnings were nearly flat at $1.397 billion, compared with $1.396 billion last year. Per-share earnings increased to $0.71, from $0.70 a year ago.

Earnings, excluding certain items, of $0.69 exceeded the $0.68 average estimate of nine analysts polled by Thomson-Reuters. Analysts' estimates typically exclude one-time items.

Net revenues declined slightly to $6.49 billion, from $6.55 billion a year ago.

The company maintained its annual earnings target of $2.54 to $2.59 per share. Analysts expect annual earnings of $2.57.