Altria Group Inc. (MO) reported that its first-quarter net earnings attributable to the company increased to $1.38 billion or $0.69 per share, from $1.19 billion or $0.59 per share in the same quarter last year.
Adjusted earnings per share for the quarter was $0.54, up from $0.49 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter were $5.53 billion lower than $5.65 billion in the prior year quarter.
Six analysts had consensus revenue estimate of $4.04 billion for the quarter.
The company has revised its guidance for 2013 full-year reported earnings per share to a range of $2.49 to $2.55 from a range of $2.34 to $2.40 to reflect the impact of the non-participating manufacturer adjustment settlement. The forecast also reflects estimated SABMiller plc special items.
The company reaffirmed its guidance for 2013 full-year adjusted earnings per share in a range of $2.35 to $2.41, representing a growth rate of 6% to 9% from an adjusted earnings per share base of $2.21 in 2012. Analysts expect the company to report earnings of $2.39 per share for fiscal 2013.
On April 15, 2013, Philip Morris USA Inc. made its annual Master Settlement Agreement payment of approximately $3.1 billion. The payment reflected a $483 million credit that PM USA received pursuant to a settlement of the non-participating manufacturer adjustment disputes for 2003-2012 that it and other participating manufacturers reached with 18 states, the District of Columbia, and Puerto Rico.
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