: Altria’s second-quarter adjusted profit more than doubles

Altria Group Inc. MO stock was down fractionally in premarket trading on Tuesday after the tobacco company’s profit more than doubled. The company said its second-quarter net income rose to $2.117 billion, or $1.19 a share, from $891 million, or 49 cents a share, in the year-ago quarter. Adjusted second-quarter profit of $1.31 a share beat the analyst expectation of $1.30 a share, according to FactSet data. Net revenue for the three months ended June 30 net of excise taxes rose 1.2% to $5.44 billion, in line with analyst expectations. Looking ahead, Altria continues to expect a 2023 adjusted profit of $4.89 to $5.03 a share, compared to the analyst forecast of $4.99 a share.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.