Altria Group Reports Lower Revenue in the Second Quarter, Declares Dividend Raise
Altria Group (NYSE: MO), owner of Philip Morris USA and other brands, reported some positive signs in its second-quarter earnings released on Tuesday. Revenue declined 3.8%, but adjusted earnings increased year over year.
The decline was mostly due to smokable products, but the Ste. Michelle wine brand suffered because of lower direct-to-consumer sales as well as restaurant closures.
Altria drew down its full $3 billion revolving credit in March and paid it back in full by the end of June. While it now has that credit available, it ended the quarter with $4.8 billion in cash and has an estimated $3 billion after taxes and dividends.
Source Fool.com
