Marlboro Maker Altria To Jump Into E-cigarettes
Altria and others are focusing on cigarette alternatives â¿¿ such as cigars, snuff and chewing tobacco â¿¿ for future sales growth because the decline in cigarette smoking is expected to continue.
Volumes of its smokeless tobacco brands such as Copenhagen and Skoal rose about 3 percent during the quarter and the brands had 55 percent of the market, which is tiny compared with cigarettes.
Altria said inventory changes and retail share losses drove volumes for its Black & Mild cigars down nearly 17 percent during the quarter.
The company also owns a wine business, holds a voting stake in brewer SABMiller, and has a financial services division.During the latest quarter, Altria said it repurchased 1.7 million shares for a total cost of about $57 million, completing its $1.5 billion share buyback program. It said Thursday its board has authorized a new $300 million share repurchase program, which it expects to complete by the end of 2013. ___ Michael Felberbaum can be reached at http://www.twitter.com/MLFelberbaum.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV