Altria's profit little changed

Altria Group Inc. on Tuesday said quarterly earnings were little changed due to charges, but results beat expectations as Marlboro cigarettes dominated the market and the weak dollar buoyed international tobacco and food sales.

New York-based Altria, which is the majority owner of Kraft Foods Inc., reported first-quarter net profit of $2.194 billion, or $1.07 per share, including 9 cents in charges, compared with a profit of $2.186 billion, or $1.07 per share, a year earlier.

The charges were largely from Kraft's restructuring.

Altria's profit beat Wall Street's average estimate, which excluded the charges, of $1.13 a share. Analysts had estimated earnings in a range of $1.09 to $1.17 per share, according to Reuters Research, a unit of Reuters Group Plc.

"The results were broadly good," said Morgan Stanley analyst David Adelman, noting that domestic tobacco unit Philip Morris USA had a stronger-than-expected quarter.

First-quarter net revenue jumped 12.7 percent to $21.84 billion. Of the increase, $1.3 billion reflected the benefit of the weak dollar, which boosts the value of overseas sales when they are converted into dollars.

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The company also stood by its full-year earnings forecast of $4.57 to $4.67 a share, which includes 23 cents in charges related to the Kraft restructuring program announced in January and other items.

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Philip Morris USA's total retail share climbed 1.3 points to 49.6 percent, as Marlboro's share of the U.S. market jumped 1.5 points to 39 percent.

Philip Morris USA's first-quarter shipment volume fell 1.7 percent to 43.1 billion cigarettes, but the company said that volume was essentially flat when adjusted for promotion timing, wholesaler inventory changes and an extra shipping day in the 2004 quarter.

Shares of Altria closed at $56.45 on Monday on the New York Stock Exchange, compared with its 52-week trading range of $58.96 and $30.20.