|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Tuesday 06th of January 2009
April 20, 2005

Altria posts strong first quarter profit


by Brian Turner
Altria posts strong first quarter profit

In its quarterly earnings report Wednesday, Altria Group, the conglomerate that owns Philip Morris tobacco group and 85 percent of Kraft Foods, said that they saw an 18.3 percent increase in first quarter profits.

Net revenue rose 8.7 percent, to $23.6 billion. Much of this gain was due to strong cigarette sales in the U.S. and abroad.

Both Philip Morris’s U.S. and international divisions saw strong income growth, including a 13.1 percent increase in income for Philip Morris International.

While both Philip Morris and Altria are defendants in a U.S. government civil racketeering case against the tobacco industry, a February federal appeals court ruling favored the tobacco industry and many experts believe a settlement in the suit might be reached despite an appeal to the February ruling filed by the government in March.

Meanwhile, Kraft Foods released their first-quarter earnings report, which showed a 27 percent rise in earnings, helped along by a tax benefit.

Discuss this in the Finance Markets forums

Story link: Altria posts strong first quarter profit


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags:

 

Previous: « Oil futures up as gold and silver falter
Next: Growth fears on Asian markets »

Visited 371 times, 1 so far today