Altria (NYSE:MO) earnings for the second quarter of fiscal year 2020 have MO stock higher on Tuesday. This comes after reported revenue of $6.37 billion was way above Wall Street’s estimate of $5.04 billion. Additionally, the company’s adjusted earning per share (EPS) of $1.09 is higher than analysts’ expectations of $1.06 during the quarter.
The company also reported GAAP EPS of $1.04 for the period.
Here is what else is worth mentioning from the most recent Altria earnings report.
- Per-share earnings are slightly lower than $1.10 during Q2 2019.
- Revenue for the quarter comes in 3.8% lower compared to $6.62 billion during the same time last year.
- Operating income of $2.8 billion is a 2.9% jump year-over-year from $2.72 billion.
- The Altria earnings report also includes a net income of $1.94 billion.
- That’s 3% lower than $2 billion from the second quarter of 2019.
Billy Gifford, CEO of Altria, had this to say about the MO stock earnings:
“Despite the challenges of the COVID-19 pandemic in the U.S., our employees continue to execute against our 10-year Vision with strong focus and commitment. Over the first-half of 2020, we believe Altria showed resilience in volatile market conditions, growing adjusted diluted earnings per share by 8.5%, driven by the outstanding financial performance of our core tobacco businesses. We’ve also hit key milestones and made steady progress behind our noncombustible product portfolio.”
The company also reestablished its 2020 full-year earnings guidance “based on a better understanding of COVID-19 impacts on adult tobacco consumer purchasing behavior and an additional quarter of ABI earnings contributions.” This has Altria looking for adjusted EPS between $4.21 to $4.38.
Meanwhile, Wall Street is expecting EPS of $4.28 for the period.
MO stock was up 2% as of Tuesday morning.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.