: Marlboro parent Altria matches profit expectations but falls a bit shy on revenue, but maintains full-year outlook

Shares of Marlboro parent Altria Group Inc. MO edged up 0.1% in premarket trading Thursday, after the cigarette and tobacco products company matched first-quarter profit expectations but fell shy on revenue, while maintaining its full-year outlook. Net income fell to $1.79 billion, or $1.00 a share, from $1.96 billion, or $1.08 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 5.4% to $1.18, the same as the FactSet consensus. Net revenue fell 2.9% to $5.72 billion, while revenue net of excise taxes declined 1.2% to $4.76 billion to miss the FactSet consensus of $4.90 billion. Cigarette sales dropped 11.4% to 18.27 billion sticks, oral tobacco sales declined 1.8% to 190.6 million cans and packs. For 2023, the company affirmed its adjusted EPS guidance range of $4.98 to $5.13. The stock, which is among the S&P 500’s SPX highest yielders with an implied dividend yield of 8.05%, has edged up 2.1% year to date through Wednesday, while the S&P 500 has gained 5.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.