Jim Cramer Blog

Altria Group Inc., owner of the Philip Morris cigarette companies, said Thursday that first-quarter income fell by 21 percent as domestic cigarette sales dropped off more severely than expected.

Chief Financial Officer Dinyar S. Devitre also said Philip Morris International was ready to be spun off, if the board decided to do so. Analysts are predicting that Altria will split its domestic and international units later this year.
The company also raised its full-year earnings prediction.
Net income dropped to $2.75 billion, or $1.30 per share, from $3.48 billion, or $1.65 per share, in the same period last year.
Excluding costs from a spin off of Kraft Foods and other one-time items, Altria said earnings per share were up 5.1 percent to $1.03. On that basis, analysts polled by Thomson Financial expected Altria to report a profit of $1.05 per share for the quarter.

Labels: Altria Group Inc., MO