News Summary: Marlboro maker Altria 3Q profit down
THE RESULTS: Marlboro maker Altria Group Inc.'s third-quarter net income fell 44 percent to of $657 million on charges for a loss on early extinguishment of debt. But it sold more cigarettes at higher prices and expanded its industry-leading share of the U.S. market. Revenue, excluding excise taxes, rose about 3 percent to $4.46 billion.
CIGARETTES: Volumes grew about 1 percent to 33.7 billion cigarettes compared with a year ago. Volumes for its discount cigarette brands increased 14 percent, Marlboro saw gains of 1 percent and its other premium brands fell by about 8 percent. Its share of the U.S. retail market rose 1.2 percentage points to 49.9 percent. Marlboro brand gained 1 percentage point of market share to end up with 42.7 percent of the U.S. market.
OTHER TOBACCO: Volumes of its smokeless tobacco brands such as Copenhagen and Skoal rose nearly 6 percent. Volumes for its Black & Mild cigars fell 14 percent.