Marlboro Maker Altria 4Q Profit Up 32 Percent
The company has been forced to cut costs as tax hikes, smoking bans, health concerns and social stigma make the cigarette business tougher.
After completing a $1.5 billion multiyear cost savings program last year, the company rolled out a plan to cut $400 million in "cigarette-related infrastructure costs" by the end of 2013 in advance of anticipated cigarette volume declines. The company said that plan remains on track, after recording net pre-tax restructuring charges of $271 million over the past five quarters.
Michael Felberbaum can be reached at http://www.twitter.com/MLFelberbaum .
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