Summary Box: Altria 1Q net income rises 15 pct

AP News
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Posted: Apr 20, 2011 10:02 AM
Summary Box: Altria 1Q net income rises 15 pct

THE RESULTS: Marlboro maker Altria Group Inc.'s net income increased 15 percent in the first quarter to $937 million, or 45 cents per share. Net revenue excluding excise taxes fell less than 1 percent to $3.94 billion.

LOWER COSTS: The owner of the nation's biggest cigarette maker, Philip Morris USA, cut costs about $35 million in the quarter and expects to save about $110 million more by the end of 2011.

FEWER CIGARETTES: The number of cigarettes it sold fell 6.4 percent. Marlboro lost 0.5 points of market share to end up with 42.2 percent of the U.S. market.