NEW YORK (CNN/Money) -
Altria Group -- formerly known as Philip Morris -- Wednesday posted a lower fourth-quarter profit that narrowly beat estimates, citing exposure to the airline industry and more promotions for its cigarettes.
Including items, net earnings were $1.8 billion, or 85 cents a share, compared with $2.2 billion, or 99 cents per share, a year earlier.
Excluding items, Altria earned 93 cents a share. Wall Street had forecast earnings of 92 cents a share, according to earnings tracker First Call.
For 2003, Altria (MO: down $1.47 to $36.91, Research, Estimates) forecast earnings to be in the range of $4.60-to-$4.70, compared with $4.57 for 2002. First Call's estimate is for earnings of $4.71 for 2003.
The company said its international shipment volume increased 6.4 percent in the fourth quarter, driven by gains in the key regions of Western Europe, Central Europe, Eastern Europe, Asia and Latin America.
But Altria said it also took a $290 million provision for airline exposure.
Philip Morris officially changed its name to Altria Group Monday after proposing the change in November, because it said it wanted the parent company's name to better reflect the difference between the parent company and the operating units.
Altria Group, which is the parent company of Kraft Foods, Philip Morris International and Philip Morris USA, continues to trade under the ticker "MO."
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