RICHMOND, Va. (TheStreet) -- Altria (MO) - Get Report said it has raised its full-year earnings guidance from a range of $1.78 to $1.82 to a range of $1.81 to $1.85, reflecting solid first-half business performance, higher projected earnings from operations and net tax benefits from the reversal of tax reserves and associated interest.
Altria has also raised its full-year adjusted earnings guidance from a range of $1.85 to $1.89 to a range of $1.87 to $1.91, representing a forecast growth rate of 7% to 9% from an adjusted base of $1.75 per share in 2009.
Analysts on average have been expecting full-year earnings of $1.88 a share.
For the second quarter, Altria reported earnings of $1.04 billion, up 3.2% and revenue of $6.27 billion, down 6.6%. Altria's comparable second-quarter earnings was unchanged vs. the prior-year period at 50 cents a share.
Second-quarter earnings were helped by higher 2010 operating companies income from cigarettes, smokeless products, cigars and wine, which included lower 2010 asset impairment and exit costs, as well as the net benefit associated with the reversal of tax reserves and associated interest.
Analysts on average were expecting earnings of 50 cents on revenue of $4.36 billion.
-- Reported by Andrea Tse in New York
Get more stock ideas and investing advice on our sister site,
Follow Andrea Tse on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.