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Marlboro maker Altria's 4Q net income falls 9 percent on charges, CEO to retire
RICHMOND, Virginia (AP) ' Marlboro maker Altria Group Inc. says its fourth-quarter profit fell about 9 percent on lease and restructuring charges. The owner of the biggest American cigarette maker, Philip Morris USA, also said Friday that CEO Mike Szymanczyk will retire in May.
Altria reported net income of $836 million, or 41 cents per share, for the period ended Dec. 31. That's down from $919 million, or 44 cents a share, last year.
On an adjusted basis, the company earned 50 cents per share. That was a penny above Wall Street expectations.
Revenue, excluding excise taxes, increased 5 percent to $4.34 billion.
Cigarette volumes were flat, volumes for its smokeless tobacco products rose about 10 percent and cigar volumes fell about 6 percent.