Altria Tops Q1 Forecasts as Marlboro Share Losses Slow
The tobacco giant reported quarterly revenue of 5.43 billion dollars, beating estimates. Growth in discount brands and price hikes helped offset pressures.
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ALTRIA GROUP INC beat Q1 revenue estimates by $850M, reporting $5.43B as Marlboro market share losses slowed. Shares rose 7% during the morning session following the 18.5% revenue beat against analyst forecasts. Investors are rewarding Altria's pivot to discount brands and price hikes as high living costs squeeze premium tobacco volumes.
