Altria (MO) Reports In Line

More tobacco, more good results. Today it is Altria’s (MO) turn.

— Net revenues increased 2.8% to $4.4 billion
— Adjusted diluted earnings per share from continuing operations up 12.1% to $0.37 versus $0.33 in the first 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
— Earnings from continuing operations decreased 11.8% to $614 million
— Marlboro delivers strong retail share gains, up 0.7 share points to 41.5%
— John Middleton, Inc. posts strong cigar volume gains, up 8.2%, driven by Black & Mild
— A $7.5 billion two-year share repurchase program. Altria began repurchasing shares as part of this program in April 2008.

More after the earnings call tomorrow. Of particular interest:
— Test of Snus, results?
— Test of Smokeless Tobacco, results?

Disclosure (“none” means no position):Long MO