Altria Profit Gains on Cigarette Prices, Snuff Demand

Altria Inc., the world’s largest manufacturer of tobacco products, announced a 3.2 percent increase in quarterly profit.
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Altria Profit Gains on Cigarette Prices, Snuff Demand
A women smoking walks by the New York-based Altria Inc. the worlds largest manufacture of tobacco products in New York. (Mario Tama/Getty Images)
7/21/2010
Updated:
10/1/2015

<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/1755027.jpg" alt="A women smoking walks by the New York-based Altria Inc. the worlds largest manufacture of tobacco products in New York. (Mario Tama/Getty Images)" title="A women smoking walks by the New York-based Altria Inc. the worlds largest manufacture of tobacco products in New York. (Mario Tama/Getty Images)" width="320" class="size-medium wp-image-1817123"/></a>
A women smoking walks by the New York-based Altria Inc. the worlds largest manufacture of tobacco products in New York. (Mario Tama/Getty Images)
Altria Inc., a New York-based company and the world’s largest manufacturer of tobacco products, announced a 3.2 percent increase in quarterly profit on Wednesday. Net income increased to $1.04 billion, or 50 cents per share, which was in line with analyst expectations. The company said that the profit was partially due to its raising prices by up to 8 cents per pack on all brands in the Philip Morris USA unit.

The company also said that consumer demand of its snuff, or smokeless tobacco, jumped. “Our adjusted 2010 first-half earnings per share grew, driven by solid income growth across our tobacco and wine businesses. Primarily because of our solid first-half performance, Altria is increasing its guidance for its 2010 full-year reported and adjusted diluted earnings per share,” said CEO Michael Szymanczyk in a company statement.