Boston, MA 11/11/2013 (wallstreetpr) – Altria Group Inc (NYSE:MO) has released its financial results for the third quarter and for the nine months period. It reported diluted earnings per share that has gone up by 100% to $0.70. Its adjusted diluted EPS, which leaves out the impact of special items, went up by 12.1% to $0.65.
The company has reiterated its guidance for the full financial year saying that it’s diluted EPS will be in the range of $2.57 to $2.62. It has reiterated its guidance for the full financial year saying that its adjusted diluted EPS will be in the range of $2.36 to $2.41, which is a growth of 7% to 9% from an adjusted diluted EPS of $2.21 in the previous financial year.
The companies plan of cutting costs in its tobacco and service company subsidiaries remains on course and will deliver a savings of $400 million a year.
In August this year, the company’s Board of Directors raised the dividend for the quarter by 9.1% to $0.48 per common share as compared to the earlier rate of $0.44 per common share. The current yearly dividend rate is $1.92 per common share.
In August this year the company board gave the go ahead for increasing its repurchase program of shares announced in April this year from $300 million to $1 billion. During the third quarter of this year, the company bought back about 4.5 million shares of its common shares at an average price of $34.75 for a total cost of about $156 million.
At the end of the present quarter, the company had $709 million in cash for the extended buyback plan which it expects to finish by the end of the third quarter of the next financial year and the time of the share buyback depends on conditions in the market and other factors and is also subject to the discretion of the board.
