Marlboro maker Altria 2Q profit nearly triples

[July 24, 2012]  RICHMOND, Va. (AP) -- Marlboro maker Altria Group Inc. says its second-quarter profit nearly tripled as higher prices helped offset flat cigarette volumes compared with a year ago, when the company also recorded charges related to lease transactions.

The owner of the nation's biggest cigarette maker, Philip Morris USA, reported net income of $1.23 billion, or 60 cents per share, for the period ended June 30. That's up from $444 million, or 21 cents a share, a year earlier.

Adjusted earnings were 59 cents per share, topping Wall Street expectations of 57 cents per share.

Revenue, excluding excise taxes, rose about 14 percent to $4.6 billion. Analysts expected $4.48 billion.

Cigarette volumes were flat at 36.2 billion cigarettes, volumes for its smokeless tobacco products rose nearly 8 percent and cigar volumes were flat.

[Associated Press; By MICHAEL FELBERBAUM]

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