Altria posts strong first quarter profit
by Brian Turner
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.
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