April 30, 2020 / 11:17 AM / a month ago

Altria abandons full-year outlook, halts buyback plan

April 30 (Reuters) - Marlboro cigarettes maker Altria Group Inc abandoned its full-year earnings forecast, citing “uncertainty” related to the coronavirus pandemic, even as it reported a better-than-expected 13% rise in quarterly revenue on Thursday.

The company said it was withdrawing its earnings per share targets for 2020 and beyond, but said it would continue paying dividend as planned.

To save cash, its board also decided to rescind its $1 billion share buyback program that had $500 million remaining.

Reporting by Siddharth Cavale in Bengaluru; Editing by Arun Koyyur

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