AP - Altria Group Inc., owner of the Philip Morris cigarette companies, said Thursday that first-quarter income fell by 21 percent as it saw weakness in domestic cigarette sales, but the company raised its full-year earnings prediction.
Altria said profit from continuing operations was $1.03 a share, excluding special items, up from 98 cents a year earlier, but below the average Wall Street estimate of $1.06 a share, according to Reuters Estimates.
Net income, which includes Kraft, fell 21 percent to $2.75 billion, or $1.30 per share. Altria had a gain of 30 cents per share from a reversal of tax reserves following an Internal Revenue Service review of tax returns for the years 1996-99.
First-quarter net revenue rose 8.2 percent to $17.56 billion.
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