Altria Group 1st-quarter profit falls 76 percent on charges, higher interest expenses

Altria Group 1Q profit drops 76 percent

RICHMOND, Va. — Altria Group, the owner of the nation’s biggest cigarette maker, says its first-quarter profit fell 76 percent because of acquisition charges and higher interest expenses.

But adjusted results from the maker of Marlboros slipped only 4 percent and narrowly topped Wall Street estimates.

Altria Group Inc. said Wednesday it earned $589 million, or 28 cents per share, compared with $2.45 billion, or $1.16 cents per share, a year ago.

The company says it earned 39 cents per share from continuing operations excluding charges from buying smokeless tobacco maker UST Inc. That was a penny above analysts’ estimates.

Richmond, Va.-based Altria says sales rose 3 percent to $4.52 billion - topping Wall Street estimates of $3.99 billion.