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4-Traders Homepage  >  Equities  >  Nyse  >  Altria Group Inc    MO

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Altria 1Q Net Up 3.8% As Cost Controls Offset Weaker Volume

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04/26/2012 | 02:58pm CEST

--Altria's results relatively solid after weak reports from Reynolds American and Lorillard

--Gains by L&M and Marlboro helped Altria's total cigarette market share increase

--Smokeless products volume dropped, hurt by steep decline for Skoal though Copenhagen grew

(Updates throughout with additional background, more financial details)

   By John Kell and Drew FitzGerald 

Altria Group Inc.'s (>> Altria Group, Inc.) first-quarter profit rose 3.8% as cost controls helped offset weaker cigarette volumes.

Altria, the maker of Marlboro and other cigarette brands, has continued to benefit from growing interest in smokeless tobacco products such as Copenhagen, while sales of its cigarettes have been mixed. Altria introduced more than 50 smokeless products last year, launches that are vital to keep consumers interested in the category.

First-quarter domestic cigarette shipment volume dropped 2.6% due to trade-inventory patterns, better than the industrywide 4% drop as the maker of Marlboro cigarettes notched retail share gains. Marlboro's volume slid 3.4% and other premium products fell 9.5% but discount brands notched an 18% increase.

Altria said after adjusting for trade inventories and an additional shipping day, cigarette volume was essentially flat from the prior year, compared with the industry's 2.5% decline when making those same adjustments.

The company's top line narrowly missed Wall Street's expectations though adjusted earnings were in line, a relatively strong report after peers Reynolds American Inc. (RAI) and Lorillard Inc. (>> Lorillard Inc.) issued weaker-than-expected first-quarter results.

The tobacco industry's cigarette volumes have been declining for years and a weak economy and high unemployment continue to pressure consumer disposable income. Reynolds American executives earlier this week said higher gasoline prices have affected tobacco purchasing patterns.

Altria reported a profit of $973 million, or 48 cents a share, up from $937 million, or 45 cents a share, a year earlier. Excluding write-downs, tax-related items and other adjustments, per-share earnings rose to 49 cents from 44 cents.

Revenue edged up 0.1% to $5.65 billion and grew 1.3% to $3.99 billion excluding excise taxes.

Analysts polled by Thomson Reuters expected a 49-cent per-share profit on $4.01 billion of revenue, excluding excise taxes.

Gross margin widened to 39% from 38.1%, an improvement the company attributed to effective cost management.

Altria's total cigarette market share grew 0.4 percentage point to 49.4%, reflecting gains by L&M and Marlboro. Altria began to ship Marlboro Black in non-menthol and menthol varieties late last year with packaging to distinguish that brand's flavor.

Smokeless products volume slid 7.5%, as a steep 15% decline for Skoal more than offset Copenhagen's growth. Altria launched Skoal X-TRA and Skoal Snus in the first quarter though that brand's growth has been tempered by the discontinuation of seven items in the portfolio last year.

Total smokeless products market share ended the quarter at 55.5%, one percentage point higher than the prior year. Copenhagen again gained share, aided by new product launches in recent years, including Wintergreen pouches.

Altria spent $294 million to repurchase 9.9 million shares at an average price of $29.71 during the first quarter. The company has $378 million remaining in a $1 billion buyback program that Altria intends to complete by the end of the year.

Shares of Altria, which affirmed its full-year guidance, were up 0.6% to $31.89 in premarket trading. The stock has climbed 21% over the past year.

-By John Kell and Drew FitzGerald, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stocks mentioned in the article : Altria Group, Inc., Lorillard Inc.
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Financials ($)
Sales 2016 19 380 M
EBIT 2016 9 133 M
Net income 2016 5 911 M
Debt 2016 9 709 M
Yield 2016 3,71%
P/E ratio 2016 21,27
P/E ratio 2017 19,23
EV / Sales 2016 6,94x
EV / Sales 2017 6,80x
Capitalization 124 793 M
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Altria Group Inc Technical Analysis Chart | MO | US02209S1033 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 69,2 $
Spread / Average Target 8,3%
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Martin J. Barrington Chairman, President & Chief Executive Officer
Howard A. Willard Chief Operating Officer & Executive Vice President
William F. Gifford Chief Financial Officer
James E. Dillard Chief Innovations Officer & SVP-Regulatory Affairs
Thomas Wade Jones Independent Director
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