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Altria's EPS drops in Q4'17; CEO to retire

Altria Group Inc.'s EPS dropped 50.7% to $2.60 per share in the fourth quarter of 2017 from $5.27 per share in the fourth quarter of 2016, despite lower reported taxes.

The company said the decrease was driven by comparison effect from the 2016 gain on the AB InBev and SABMiller business combination. Adjusted EPS was posted at 91 cents per diluted share for the quarter ended Dec. 31, 2017, up 33.9% from 68 cents.

Net earnings dropped 51.7% to $4.96 billion, from $10.28 billion.

Net revenues were $6.1 billion, up 2.4% from $6.26 billion, driven mainly by a 3.2% decrease in smokeable products segment net revenues, which were reported at $5.28 billion. Prior-year quarter net revenues in the segment were $5.45 billion.

Net revenues in smokeless products rose 10.4% to $575 million, up from $521 million, while the wine segment dropped 8.5% to $227 million from $248 million in the same period in 2016.

The company's operating income stood at $2.16 billion, up 8.5% from $2 billion in fourth-quarter 2016.

In full-year terms, EPS fell 27.1% to $5.31 per diluted share in 2017 from $7.28 per diluted share a year earlier, while net earnings attributable to the company dropped 28.2% to $10.22 billion from $14.24 billion.

Altria said it would start a new $1 billion share repurchase program to be completed by the end of 2018.

The company also announced its chairman and CEO Marty Barrington's retirement. Current COO Howard Willard will succeed Barrington and take over the posts effective May 17.