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.
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