Altria Group 3Q profit rises on cost-cutting

Altria Group Inc. said Wednesday that cost-cutting and improved results from its cigar unit led its third-quarter profit to rise 1.7 percent, even though it sold fewer cigarettes.

The Richmond-based seller of Marlboro cigarettes, Black & Mild cigars and Copenhagen and Skoal smokeless tobacco products earned $882 million, or 42 cents per share, compared with $867 million, or 42 cents per share, a year ago.

Excluding costs related to its UST LLC acquisition and other items, profit was 48 cents per share.

The performance bested the expectations of analysts surveyed by Thomson Reuters, whose estimates called for a profit of 46 cents per share. …