Why Altria Stock Was Surging Today
On Thursday, good news from one of the market's favorite "sin stocks" drove its share price up by almost 8%. This lucky company was Altria (NYSE: MO); the cigarette maker's latest quarterly earnings report was received most favorably by market players. The stock's pop on the day was in market contrast to the 1.9% slump of the benchmark S&P 500 index.
That morning, Altria released its third-quarter figures, which were slightly higher than the consensus analyst estimates. The tobacco giant also reaffirmed its existing full-year guidance.
The quarter saw the company book $5.34 billion in net revenue, which was up by 1% from the same period of 2023. Meanwhile, non-GAAP (adjusted) net income improved over that time span, rising by nearly 4% to a shade under $2.36 billion ($1.38 per share).
Source Fool.com
