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Marlboro maker Altria 3Q profit more than doubles

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MICHAEL FELBERBAUM | October 24, 2013 07:52 AM EST | AP


RICHMOND, Va. (AP) — Altria's third-quarter profit more than doubled as the Marlboro maker paid out less in legal settlements and freed itself from charges related to paying off debt early last year.

The owner of the nation's biggest cigarette maker, Philip Morris USA, posted earnings Thursday of $1.39 billion, or 70 cents per share. That's up from $657 million, or 32 cents a share, in the year-ago period, which included charges for a loss on early extinguishment of debt.

Excluding one-time items, earnings were 65 cents per share, beating Wall Street expectations by a penny.

Altria Group Inc., based in Richmond, Va., said that revenue, excluding excise taxes, increased 6.6 percent to $4.8 billion. Analysts expected $4.53 billion.

Cigarette volumes rose 1 percent. Smokeless tobacco volumes rose more than 9 percent.