Altria raises outlook on strong profit
Altria Group Inc., the world's biggest cigarette maker, reported stronger-than-expected second-quarter earnings and predicted profit would continue to rise with international sales. Altria, a majority owner of Kraft Foods, said net profit grew 1.6 percent.
Altria said net income grew to $2.71billion, or $1.29 per share, from $2.67 billion, or $1.28 per share, in the second quarter a year ago. Revenue climbed 4 percent to $25.77billion from $24.78billion last year.
The company raised its full-year outlook to a range of $5.40 to $5.50 per share from a range of $5.25 to $5.35 per share.
Also reporting:
Amazon.com Inc. The online retailer said yesterday that second-quarter earnings plunged nearly 58 percent as it focused on investing and new technologies. For the three months ended June 30, the Seattle-based company reported earnings of $22million, or 5 cents per share, compared with earnings of $52million, or 12 cents per share, in the year-earlier period. In a conference call, chief financial officer Tom Szkutak said net income was hurt by about $10million because of a terminated contract with Toys "R" Us Inc. Quarterly sales rose 22 percent to $2.14billion.
AT&T Inc. The San Antonio-based telephone-service provider said yesterday that net income rose 81 percent to $1.81billion, or 46 cents a share, from $1billion, or 30 cents, a year earlier, before the November combination of SBC Communications Inc. and AT&T Corp. Sales increased 53 percent to $15.8billion, AT&T said.
Colgate-Palmolive Co. The world's largest toothpaste maker said yesterday second-quarter profit fell 17 percent after it recorded costs to eliminate jobs. Net income declined to $283.6million, or 51 cents a share, from $342.9million, or 62 cents, a year earlier. Sales rose to $3.01billion, the Manhattan-based company said.
McDonald's Corp. The fast-food chain posted its strongest quarterly results yesterday since starting a recovery three years ago, boosted by resurgent European stores that contributed to a 57 percent jump in profit. Net income for the three months ended June 30 was $834.1million, or 67 cents per share, up from $530.4million, or 42 cents per share, a year earlier, the Oak Brook, Ill., company said. Revenue increased to $5.6billion from $5.1billion.
