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News Summary: Marlboro maker Altria 1Q profit up

The Associated Press

THE RESULTS: Marlboro maker Altria Group Inc.'s first-quarter profit rose about 16 percent to $1.38 billion as it commanded higher prices for its cigarettes and smokeless tobacco products and it benefited from adjustments to a longstanding legal settlement. Revenue, excluding excise taxes, decreased slightly to $3.97 billion.

CIGARETTES: Altria sold 29.7 billion cigarettes, 5 percent fewer than a year ago. Volumes for discount cigarette brands like L&M increased nearly 6 percent, Marlboro volumes fell more than 5 percent.

OTHER TOBACCO: Volumes of its smokeless tobacco brands such as Copenhagen and Skoal rose about 3 percent and volumes for its Black & Mild cigars fell nearly 17 percent.