Tobacco giant Altria Group, Inc. (NYSE: MO) reported stronger-than-expected earnings and revenues for the second quarter of 2020. The company also issued earnings guidance for fiscal 2020.
The company posted adjusted earnings of $1.09 per share for the quarter, up 1% from the year-ago period. Reported profit was $1.94 billion or $1.04 per share, compared to $1.99 billion or $1.07 per share recorded in the second quarter of 2019. The bottom-line also topped the Street view.
Revenues, meanwhile, decreased 3.8% annually to $6.37 billion but exceeded analysts’ forecast. The management expects full-year adjusted earnings per share to be in a range of $4.21 to $4.38, representing a 0-4% year-over-year increase. It is in line with the outlook issued earlier.
“With a better understanding of COVID-19 impacts on adult tobacco consumer purchasing behavior and an additional quarter of ABI earnings contributions, we’re reestablishing full-year 2020 adjusted diluted EPS guidance,” said Altria’s CEO Billy Gifford.