Altria Group Inc (NYSE:MO) reports its 2nd quarter results


Dallas, Texas 07/29/2013 (Financialstrend) – Altria Group Inc (NYSE:MO) is currently trading at $35.73 down by 0.47%

The company, Altria Group, recently announced its first half business and its second quarter results of the year 2013. The company revised its guidance for adjusted and reported diluted EPS for the full year 2013 on the basis of its performance for the first half of 2013 and expectations for the 2nd half of the year.

The chief executive officer and the chairman of the company, Altria Group, Marty Barrington said that the company delivered solid financial results for the first six months and the 2nd quarter of 2013. The diverse business model of the company delivered adjusted diluted growth of earnings per share of 7.4% for the first half of the year and 5.1% for the second quarter of the year 2013.

The chairman said that the companies of Altria Group continue to innovate with new products for the adult customers who consume tobacco. The plan of Nu Mark for introducing MarkTen e-cigarettes in the lead market in the month of August of this year are on-track.

As the comparisons were impacted by special items, the second quarter results of 2013 reported diluted earnings per share (EPS) increased 5.0% to $0.63. The second quarter results of 2013 reported that adjusted diluted EPS increased 5.1% to $0.62 which excludes the impact of special items.

The current cost reduction program of Altria Group for its service company subsidiaries and its tobacco remains on track and is expected to deliver $400 million in annualized savings while it planned previously that it will spend this money by the end of the year 2013.

The current dividend rate per annum is $1.76 per common share. As of 17 July, 2013, the annualized dividend yield of Altria Group was 4.8%.