Highlights:
• Adjusted diluted earnings per share from continuing operations up 15% to $0.46 versus $0.40 in the third quarter of 2007
• Altria reaffirms its 2008 guidance for adjusted diluted earnings per share from continuing operations in the range of $1.63 to $1.67, representing a growth rate of approximately 9% to 11%, from a base of $1.50 per share in 2007
• Reported diluted earnings per share from continuing operations of $0.42 versus $0.43 in the third quarter of 2007
• Altria’s proposed acquisition of UST passes federal antitrust review
• Philip Morris USA’s adjusted operating companies income up 6.3% versus the third quarter of 2007
• Marlboro delivers strong retail share gains, up 0.5 share points versus the third quarter of 2007 to 41.6%
Altria trades at it growth rate and sports a 6.8% yield.
The UST (UST) deal will cause margin expansion as the smokeless area is both high margin and a growth area for tobacco currently. Altria (MO) is getting in a the top of the heap there also..
Disclosure (“none” means no position):
Visit the ValuePlays Bookstore for Great Investing Books