Altria Group reaffirms guidance for 2010 at shareholder meeting
By APThursday, May 20, 2010
Altria Group reaffirms 2010 guidance at meeting
RICHMOND, Va. — Cigarette maker Altria Group Inc. reaffirmed its full-year outlook at its annual shareholder meeting Thursday.
CEO Michael Szymanczyk told shareholders he was pleased the company had strong results and shareholder returns despite the tough operating environment.
The Richmond-based owner of nation’s biggest cigarette maker, Philip Morris USA, reaffirmed its fiscal 2010 guidance for adjusted earnings per share to range from $1.78 to $1.82. The forecast includes estimated charges of about 7 cents per share related to one-time items including acquisitions and integration costs.
Without the items, the company expects to earn between $1.85 and $1.89 a share.
Analysts expect the company to earn $1.87 in the fiscal year, according to Thomson Reuters. Their estimates typically exclude one-time items.
The company said it expects the first half of the year to be more challenging because of federal excise tax-related pricing strategies from the prior year, and trade inventory.
Altria Group shares fell 41 1.9 percent to $20.90 in afternoon trading Thursday.
