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News Summary: Marlboro maker Altria 3Q profit up

The Associated Press

THE RESULTS: Altria Group Inc.'s third-quarter profit more than doubled to $1.39 billion as the Marlboro maker paid out less in legal settlements and freed itself from charges related to paying off debt early last year. Revenue excluding excise taxes increased 6.6 percent to $4.8 billion.

CIGARETTES: Volumes increased more than one percent to 34.1 billion cigarettes. Adjusting for trade inventory changes, cigarette volumes fell 3 percent, compared with a total industry decline of 3.5 percent. Marlboro volumes grew 1.5 percent and its share of the U.S. market was flat at 43.7 percent.

SMOKELESS TOBACCO: Volumes of its smokeless tobacco brands such as Copenhagen and Skoal rose 9.5 percent. Adjusted volumes grew about 4 percent and its smokeless tobacco brands had about 55 percent of the market, though smokeless tobacco is a tiny market compared with cigarettes.