Why Altria Stock Is Falling Today
The stock of Altria (NYSE: MO) was losing ground Wednesday following the tobacco company's recent quarterly report. Its share price was down 4.3% as of 12:30 p.m. ET today, according to data from S&P Global Market Intelligence.
Before the market opened this morning, Altria published second-quarter results that fell short of the market's expectations. The business posted adjusted earnings of $1.31 per share on sales of $5.28 billion after backing out excise taxes, falling short of the average analyst estimate's call for per-share earnings of $1.34 and sales of $5.39 billion.
Altria's revenue net of excise taxes fell 4% year over year in the second quarter. While the company's oral-tobacco segment saw adjusted sales increase 5% year over year to $687 million, revenue from the core smokable-products segment continued to sag.
Source Fool.com
