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Altria Q3 Adj. Profit Beats View; Reaffirms FY19 Outlook - Quick Facts

Altria Group, Inc. (MO) on Thursday reported attributable net loss for the third quarter of $2.60 billion or $1.39 per share, compared to net income of $1.94 billion or $1.03 per share in the year-ago period.

The latest quarter's results include a non-cash pre-tax impairment charge of $4.5 billion related to its investment in Juul.

Adjusted earnings per share for the quarter were $1.19, compared to $1.08 per share in the same period last year.

Net revenues for the quarter increased 0.3 percent to $6.86 billion from $6.84 billion in the year-ago period, primarily due to higher net revenues in the smokeless products segment. Revenues net of excise taxes increased 2.3 percent to $5.41 billion.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter on revenues of $5.34 billion. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2019, Altria reaffirmed its outlook for adjusted earnings per share in a range of $4.19 to $4.27, representing a growth rate of 5 percent to 7 percent from $3.99 in 2018.

The Street expects the company to report earnings of $4.19 per share for the year.

Altria said it has replaced its long-term adjusted earnings per share growth outlook of 7 percent to 9 percent with a compounded annual adjusted earnings per share growth objective of 5 percent to 8 percent for the years 2020 through 2022.

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