Altria Group, Inc. · NYSE:MO
Altria — 2010 Barclays Capital Back-To-School Consumer Conference
94 slides from Altria's conference presentation, Sep 8, 2010
Slide 1: 2010 Barclays Capital Back-To-School Consumer Conference Presentation
2010 Barclays Capital Back-To-School Consumer Conference Presentation September 8, 2010 Exhibit 99.2
Slide 2: Cliff Fleet, Vice President Investor Relations
Cliff Fleet Vice President Investor Relations Altria Client Services
Slide 3: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation that are not reported financial results or other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estim
Slide 4: Dave Beran, EVP and Chief Financial Officer
Dave Beran EVP and Chief Financial Officer Altria Group, Inc.
Slide 5: Altria's Executive Management
Dave Beran EVP and Chief Financial Officer, Altria Craig Johnson EVP, Altria Marty Barrington EVP, Chief Compliance & Administrative Officer, Altria Murray Garnick SVP of Litigation, ALCS Altria’s Executive Management
Slide 6: Today's Remarks
Today’s Remarks Altria’s plans to continue delivering superior shareholder returns Why we believe Altria continues to be a compelling investment
Slide 7: Economic Conditions
Economic Conditions Unemployment Rate Consumer Confidence 0 200 Jan-93 Aug-10 0 11 Jan-93 Aug-10 Source: U.S. Department of Labor Bureau of Labor Statistics. Blue Chip Economic Indicators: The Conference Board 9.6 7.3
Slide 8: S&P 500's Total Shareholder Return
S&P 500’s Total Shareholder Return * * Assumes reinvestment of dividends (March 28, 2008 – August 31, 2010) Source: Bloomberg; 2010 YTD through Aug 31, 2010; Post PMI Spin-off Mar 28, 2008 vs. Aug 31, 2010 (4.6%) (36.6%) (15.6%) 25.9% 2008 2009 2010 YTD Post PMI spin-off
Slide 9: S&P Companies' Dividends
S&P 500 Companies’ Dividends Source: FactSet; Dividend paying companies at Mar 28, 2008 vs. Aug 31, 2010
Slide 10: Altria's Business Environment
Acquisitions of Middleton and UST Restructuring the internal functions of Altria’s companies Largest federal excise tax increase in history on tobacco products in April 2009 FDA regulatory oversight over tobacco products Tobacco litigation environment Altria’s Business Environment
Slide 11: Altria's Adjusted Earnings Per Share Growth
Altria’s Adjusted Earnings Per Share Growth Adjusted Diluted EPS* Growth Source: Altria company reports * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com. EPS = Earnings per share. 10.0% 6.1% 7% to 9% 2008 2009 2010 Estimate
Slide 12: Altria's Dividend Increases Since PMI Spin-off
Altria’s Dividend Increases Since PMI Spin-off Source: Altria company reports +31% * Annualized rate Note: 2008 annualized dividend rate is based on $0.29 per common share, declared May 28, 2008 2010 annualized dividend rate is based on $0.38 per common share, declared Aug 27, 2010 2.9% 6.3% 10.3% $
Slide 13: Altria Delivered Superior Returns to Shareholders
Altria Delivered Superior Returns to Shareholders * Assumes reinvestment of dividends as of Aug 31, 2010 Source: Bloomberg Daily Return (Mar 28, 2008 – Aug 31, 2010) Total Shareholder Return* (Since PMI Spin-off) 11.1% 14.9% (15.6%) Altria S&P 500 S&P Food, Beverage & Tobacco
Slide 14: Food, Beverage & Tobacco Total Shareholder Return
Company Name Market Cap. (in Bil.) TSR (%) 1 $40.7 2 Coca-Cola Co $132.1 29.5 3 Kellogg Co $20.2 24.6 4 General Mills Inc $23.3 19.5 5 Philip Morris Int'l Inc $91.8 15.9 2009 Source: Bloomberg Monthly Return; 2010 YTD through Aug 31, 2010; Bloomberg Yearly Return; 2009 full-year Total Shareholder Re
Slide 15: Altria's Competitive Advantages
Four strong brands of our tobacco operating companies Superior brand-building infrastructure Financial discipline with solid cost management Strong balance sheet with a commitment to return cash to shareholders in the form of dividends Altria’s Competitive Advantages
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Slide 17: Marlboro Adult Tobacco Demographics
’s Source: CATTS Database (12mm ending June 2010) Marlbor o Adult Tobacco Demographics 25% 50% Overall Share 21 - 29 30 - 39 40 - 49 50+
Slide 18: Marlboro Retail Share
’s Marlboro Retail Share Source: Maxwell; Shipments; IRI/Capstone – Total Retail Panel; IRP SymphonyIRI Group/Capstone Projected Retail Panel
Slide 19: Marlboro Non-Menthol Retail Share
Source: IRP SymphonyIRI Group/Capstone Projected Retail Panel Marlboro Non-Menthol Retail Share (2Q 2010) 36.9% 31.9% Marlboro Non-Menthol Next 50 Non-Menthol Brands
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Slide 21: Marlboro Non-Menthol Retail Share of Segment
+2.1pp Source: IRP SymphonyIRI Group/Capstone Projected Retail Panel Marlboro Non-Menthol Retail Share of Non-Menthol Segment This space is blank because brand images which appeared in the original presentation have been removed. 50.2% 52.3% 45% 55% 2Q 2009 2Q 2010
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Slide 23: Marlboro Menthol Retail Share of Menthol Segment
Marlboro Menthol Retail Share of Menthol Segment 13.7% 14.4% 16.1% 18.0% 18.3% 19.4% 20.1% 2Q 04 2Q 05 2Q 06 2Q 07 2Q 08 2Q 09 2Q 10 Source: IRI/Capstone Projected Retail Panel Database, 2004 – 2007; IRP SymphonyIRI Group/Capstone Projected Retail Panel, 2008 - 2010
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Slide 25: Copenhagen Adult Tobacco Demographics
Source: CATTS Database (12mm ending June 2010) ’s Adult Tobacco Demographics 15% 30% Overall Share 21 - 29 30 - 39 40 - 49 50+ Copenhagen
Slide 26: Smokeless Products Flavor Segments' Retail Share
Smokeless Products Flavor Segments’ Retail Share
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Slide 28: Copenhagen Retail Share
’s Retail Share Retail Share +2.3pp Source: SymphonyIRI Group InfoScan Smokeless FDMXC Database This space is blank because brand images which appeared in the original presentation have been removed. 23.3% 25.6% 1H 2009 1H 2010 Copenhagen
Slide 29: Skoal Strengths
Skoa l Strengths ’s Number one smokeless brand among adult dippers ages 21-29 Number one smokeless brand among adults who use both MST and cigarettes Number one MST brand in the fast growing pouch segment The smokeless brand with the highest brand loyalty among adult dippers Strong brand equity in t
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Slide 31: Marlboro Smokeless Tobacco Alternatives
25% of adult cigarette smokers are interested in smokeless tobacco alternatives to cigarettes Product opportunity is to provide them an enjoyable, smoke-free tobacco product We believe the best brand to do this is Marlboro Smokeless Tobacco Alternatives Source: Smokeless Tobacco Attitudes and Usage
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Slide 33: Black & Mild Adult Tobacco Demographics
’s Adult Tobacco Demographics Source: CATTS Database (I2mm ending June 2010) 10% 40% Overall Share 21 - 29 30 - 39 40 - 49 50+ Black & Mild
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Slide 35: Black & Mild Retail Distribution
’s Retail Distribution Source: SymphonyIRI Group Convenience Cigar Store Level Database Average Number of Packings Per Store +50% 4Q 2007 2Q 2010 Black & Mild
Slide 36: Share of Machine-made Large Cigars Segments
Share of Machine-made Large Cigars Segments Source: SymphonyIRI Group InfoScan Cigar Database 2010 FDMC 0% 100% Tipped Cigarillo Untipped Cigarillo Non-Cigarillo Middleton Balance of Industry
Slide 37: Altria's Tobacco Companies' New Products Introduced
Altria’s Tobacco Companies’ New Products Products Introduced* * Year of introduction based on national launch date Source: PM USA, USSTC and Middleton 4 8 14 2008 2009 YTD 2010 Cigarettes Smokeless Cigars
Slide 38: New Products Retail Share
Altria’s Tobacco Companies’ New Products Retail Share (1H 2010) Note: Retail share of products introduced by Altria’s tobacco operating companies from 2008 to 1H 2010 0% 7% Cigarette Category Smokeless Category Cigar Category Source: SymphonyIRI Group/Capstone IRP Projected Retail Database; Symphony
Slide 39: Superior Brand-Building Infrastructure
Superior Brand-Building Infrastructure Executes trade programs to grow Altria's tobacco companies' businesses and their customers' businesses Executes Consumer Engagement Programs and designs & communicates retail promotion plans for Altria’s tobacco companies
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Slide 41: ALS&D Programs
ALS&D Programs Present brands to adult tobacco consumers in the best positions Allocate merchandising space to help brands stay in stock and fresh Communicate price and promotional offers Prevent tobacco product access by minors
Slide 42: Altria Sales & Distribution
Altria Sales & Distribution Retail Volume Coverage Over three million retail contacts per year Coverage offers our tobacco companies reach and speed to market Source: STARS OTP Geo Aggregate – Full; ALS&D Internal Estimates Over 95%
Slide 43: Copenhagen Long Cut Wintergreen Distribution
Copenhagen Product Distribution Long Cut Wintergreen Distribution* Source: STARS OTP Store Level * Distribution is as % of targeted workload stores with greater than ten industry smokeless cans per week This space is blank because brand images which appeared in the original presentation have been re
Slide 44: Altria Sales & Distribution's Initiatives
Altria Sales & Distribution’s Initiatives Reallocated sales personnel to high volume areas Implementing a total tobacco merchandising solution Introducing new information management tools for the trade
Slide 45: Altria Consumer Engagement Services
Altria Consumer Engagement Services Executes adult consumer engagement programs Build affinity Loyalty Brand awareness – – –
Slide 46: Altria Consumer Engagement Services
Altria Consumer Engagement Services Source: ALCES internal estimates Online Websites Events Ranch/Bar 200+ Million Annual Adult Tobacco Consumer Interactions Direct Mail Sweeps & Giveaways
Slide 47: ALCES Programs – Online Experience
ALCES Programs – Online Experience This space is blank because brand images which appeared in the original presentation have been removed.
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Slide 49: Altria's Financial Discipline
Altria’s Financial Discipline Managing costs Improves efficiency Helps income growth Allows resources to be used on brand-building initiatives Restructured and centralized various internal functions into Altria Client Services Making excellent progress against the cost reduction program – – –
Slide 50: Altria's Cost Management Program
Altria’s Cost Management Program Source: Altria company reports ($ in Millions) $290 $1,500 $1,210 $0 $1,500 2007 - 1H 2010 Savings Add. Cost Savings Expected by the end of 2011 Total Cost Savings Expected by the end of 2011
Slide 51: Cigarette Manufacturers' Margins
Adjusted OCI* Margin (2007 – 2009) Cigarette Manufacturers’ Margins Adjusted OCI* Margin (1H 2009 – 1H 2010) * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com 1.7pp 0.4pp 0.9pp PM USA RJRT Lorillard 4.0pp 3.0pp 1.0pp PM USA RJRT Lorillard Source: Altria company reports, Lorillard
Slide 52: Smokeless Segment's Costs
Smokeless Segment’s Costs Adjusted Costs Per Can* Source: 1H 2008: UST Inc.; 1H 2009 & 2010: Altria company reports * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com. Adjusted Costs Per Can for 1H 2009 & 1H 2010 include MST and Snus $1.01 $0.96 $0.89 $0.80 $1.05 1H 2008 1H 2009 1
Slide 53: Smokeless Segment's Adjusted OCI Margins
Smokeless Segment’s Adjusted OCI Margins* Source: UST and Altria company reports * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com ~56% ~56% 2007 2Q 2010
Slide 54: Strong Balance Sheet
Strong Balance Sheet Protects the company’s investment grade credit rating Preserves access to the capital markets for short- and long- term debt Secures the cash flow generated by the operating companies Sustains our ability to grow earnings and dividends over time
Slide 55: Benefits of a Strong Balance Sheet
Benefits of a Strong Balance Sheet Strong balance sheet helped Altria make ~$1 billion payment to the IRS in July 2010 ~$945 million of this payment is associated with the disallowance of certain leverage leasing transactions entered into by PMCC in 1996 through 2003 Intend to contest these disallow
Slide 56: Altria's Debt
Altria’s Debt Debt to EBITDA ratio is in line with peers and under requirements of covenants High carrying costs due to timing of financing activities related to UST acquisition Focus on reducing financing costs
Slide 57: Altria's Debt Transactions
Altria’s Debt Transactions Retired $775 million in notes with a coupon of 7.125% in 2Q 2010 Issued $800 million in notes with a coupon of 4.125% in 2Q 2010 Issued $200 million in notes with a coupon of 4.125% in 3Q 2010 Decision to refinance or retire future debt depends upon: Condition of capital m
Slide 58: Altria's Economic Interest in SABMiller
Altria’s Economic Interest in SABMiller Important component of balance sheet Maintaining position for the foreseeable future Strengthens Altria’s financial profile This space is blank because brand images which appeared in the original presentation have been removed.
Slide 59: Altria's Economic Interest in SABMiller
Altria’s Economic Interest in SABMiller Source: Altria company reports; Bloomberg Closing Stock Price in GBP converted to USD as of Aug 31, 2010. Market Value ($ in Billions) This space is blank because brand images which appeared in the original presentation have been removed. $3.4 $12.3 $0 $18 Jul
Slide 60: Altria's Dividend: Yield and Payout Ratios
Yield Payout Ratios Source: Bloomberg DVD, Thomson One Financial 2010 FY adjusted EPS Estimates. Payout Ratio and Yield compares Food, Beverage & Tobacco companies with a market capitalization greater than $10 billion as of Aug 31, 2010. Altria’s stated 80% payout ratio is a target. Altria’s Dividen
Slide 61: Food, Beverage & Tobacco Dividend Increases
S&P 500 - Food, Beverage & Tobacco Index (March 2008 to August 2010) Source: Bloomberg DVD as of Aug 31, 2010 Dividend Increases * Philip Morris Int’l calculation is from first declared dividend date 6/18/2008 * Lorillard Inc. calculation is from first declared dividend date 8/21/2008 Companies not
Slide 62: Altria's 2010 Dividend Increases
Altria’s 2010 Dividend Increases Raised dividend twice for a total increase of 11.8% since the end of 2009 2.9% in February 2010 8.6% in August 2010 All future dividend payments remain subject to the discretion of Altria’s Board of Directors Source: Altria company reports – –
Slide 63: Altria's Adjusted Diluted EPS Guidance
Altria’s Adjusted Diluted EPS Guidance Mid-term adjusted diluted EPS growth target is 7% to 9% Altria reaffirms that its 2010 adjusted * diluted earnings per share (EPS) is expected to increase to a range of $1.87 to $1.91 per share, representing a 7% to 9% growth rate from an adjusted base of $1.75
Slide 64: Altria's Competitive Advantages
Four strong brands of our tobacco operating companies Superior brand-building infrastructure Financial discipline with solid cost management Strong balance sheet with a commitment to return cash to shareholders in the form of dividends Altria’s Competitive Advantages
Slide 65: Areas Requiring Continuing Focus
Areas Requiring Continuing Focus Business Environment FDA Regulation Tobacco Litigation
Slide 66: Business Environment
Business Environment Tobacco volumes Profit pools Competitive environment
Slide 67: Historical Total Tobacco Volume
Pounds in Millions Source: ALCS MICR Industry estimates for cigarettes; TTB all other tobacco segments; cigarettes, small cigars & RYO based on 0.0325 oz./stick [FY 2008] Historical Total Tobacco Volume 0 1,100 2004 2005 2006 2007 2008 5 year CAGR (~1%)
Slide 68: Tobacco Categories' 2008 Volume Change
Tobacco Categories’ 2008 Volume Change Source: Altria company reports; ALCS MICR estimates Note: Smokeless is defined as moist smokeless tobacco and spit-less tobacco products ~3% ~7% (~4%) Cigarettes Smokeless Machine-made Large Cigars
Slide 69: Tobacco Categories' 2009 Volume Change
Tobacco Categories’ 2009 Volume Change Source: Altria company reports; ALCS MICR estimates Note: Smokeless is defined as moist smokeless tobacco and spit-less tobacco products (~0.5%) ~7% (~8%) Cigarettes Smokeless Machine-made Large Cigars
Slide 70: Tobacco Categories' Volume Change
Tobacco Categories’ Volume Change 2008 2Q 2010 Source: Altria company reports; ALCS MICR estimates Note: Smokeless is defined as moist smokeless tobacco and spit-less tobacco products ~3% ~7% (4.0%) ~7% Grew Slightly (4.5%) Cigarettes Smokeless Machine-made Large Cigars
Slide 71: Altria's Share of Profit Pool
* Altria’s Share of Profit Pool +9.0pp * Excludes USSTC Tobacco Manufacturers’ Profit Pool Total Profit Pool ($ in Billions) +5.7% Source: Altria company reports; ALCS BS&D estimates $10.6 $11.2 $9.5 $12.5 2007 2009 46% 55% 30% 70% 2007 2009
Slide 72: Altria operating company logos
PhilipMorrisUSA an Altria Company —~—D US®Smokeless TOBACCO CO. an Altria Company fobs Wedein (Wz a an Altria fan Melee an Altria Company
Slide 73: Cigarettes Segment
Cigarettes Segment Grow cigarette income while maintaining share momentum on Marlboro Maximize income by expanding margins, while investing where appropriate to enhance long-term profitability
Slide 74: Cigarettes Segment's Results
Cigarettes Segment’s Results Source: Altria company reports Adjusted OCI* ($ in Billions) +8.8% +3.8% $2.7 $2.8 $2.4 $2.3 $2.9 1H 2008 1H 2009 1H 2010 * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com.
Slide 75: Marlboro Retail Share
’s Marlboro Retail Share Source: IRP SymphonyIRI Group/Capstone Projected Retail Panel Database +1.6pp This space is blank because brand images which appeared in the original presentation have been removed. 42.8% 41.2% 36% 46% 2Q 2009 2Q 2010
Slide 76: Cigarettes Segment's Results
Cigarettes Segment’s Results +1.7pp Adjusted OCI* Margins (Percent) * For reconciliations of non-GAAP to GAAP numbers visit www.altria.com 0.0pp PM USA’s Retail Share 50.2% 50.2% 48% 52% 1H 2009 1H 2010 38.6% 36.9% 35% 40% 1H 2009 1H 2010 Source: Altria company reports; IRP SymphonyIRI Group/Capston
Slide 77: Smokeless Products Segment
Smokeless Products Segment Growing volume in-line or slightly ahead of the category’s growth rate A retail share point is potentially worth more in income tomorrow due to category volume growth* Investing to build category share profitably should grow future segment income * Assumes the same profits
Slide 78: Smokeless Products' Results
Retail Share +1.8pp Smokeless Products’ Results Adjusted Volume Growth (2Q 2010) Source: SymphonyIRI Group InfoScan FDMXC Smokeless Tobacco Database; Altria company reports ~7% ~9% 5% 11% Smokeless Category USSTC & PM USA combined 54.2% 56.0% 50% 58% 2Q 2009 2Q 2010
Slide 79: Smokeless Products' Results: Adjusted OCI
Smokeless Products’ Results Adjusted OCI* ($ in Millions) * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com Source: Altria company reports +15.0% $339 $390 1H 2009 1H 2010
Slide 80: Cigars Segment
Cigars Segment Grow strong position in machine-made large cigar category behind Black & Mild A retail share point today is potentially worth more income tomorrow because of category volume growth* * Assumes the same profits per cigar
Slide 81: Black & Mild Retail Share
Retail Share +2.8pp Black & Mild ’s Retail Share Source: SymphonyIRI Group InfoScan Cigar Database This space is blank because brand images which appeared in the original presentation have been removed. 27.8% 30.6% 25% 33% 4Q 2007 4Q 2009
Slide 82: Cigar Segment's Results
(1.1)pp Cigar Segment’s Results Source: SymphonyIRI Group InfoScan Cigar Database; Altria company reports Adjusted OCI* ($ in Millions) +7.2% * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com $97 $104 $75 $115 1H 2009 1H 2010 29.1% 28.0% 24% 32% 1H 2009 1H 2010 ’s Black & Mild Re
Slide 83: Wine Segment's 1H 2010 Results
Volume (Case in Millions) +15.4% Wine Segment’s 1H 2010 Results Source: Altria company reports Adjusted OCI* ($ in Millions) +20.8% * For reconciliation of non-GAAP to GAAP numbers visit www.altria.com $24 $29 $17 $32 1H 2009 1H 2010 2.6 3.0 2.3 3.3 1H 2009 1H 2010
Slide 84: Altria's Adult Consumer Products Businesses
Altria’s Adult Consumer Products Businesses Successful execution of programs can continue to grow income, despite challenging environment and competitive marketplace Solid first-half 2010 adjusted operating companies income growth Remain confident about our ability to continue building our positions
Slide 85: FDA Regulation
FDA Regulation June 2010 marked first anniversary of FDA regulation over cigarettes and smokeless tobacco We believe that thoughtfully implemented federal regulation should benefit tobacco consumers in the long-term Should contribute to resolving many of the complex issues that surround cigarettes a
Slide 86: Altria's Approach to FDA Regulation
Altria’s Approach to FDA Regulation Actively participating in processes established by FDA PM USA submitted and presented information to the FDA’s Tobacco Products Scientific Advisory Committee (TPSAC) Shared our belief that there is no science- or evidence-based reason that would support a TPSAC re
Slide 87: Litigation Environment
Litigation Environment Company continues to face challenging litigation Successfully managed litigation in the past Detailed discussion in Altria’s recent Form 10-Q Vigorously defended claims for decades and intend to continue doing so
Slide 88: Slide 88
Slide 89: Non-GAAP Financial Measures
Non-GAAP Financial Measures Altria reports its consolidated financial results in accordance with U.S. generally accepted accounting principles (GAAP). Today’s remarks and related slides may contain various operating results on both a reported basis and on an adjusted basis, which excludes items that
Slide 90: Adjusted OCI for Reporting Segments Second-Quarter Results
Adjusted OCI for Reporting Segments Second-Quarter Results Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures 2010 2009 2010 2009* 2010 2009 2010 2009* Reported OCI 1,450 $ 1,426 $ 1.7% 198 $ 177 $ 11.9% 56 $ 36 $ 55.6% 12 $ 9 $ 33.3% Asset Impairment, exit, integratio
Slide 91: Adjusted OCI for Reporting Segments First-Half Results
Adjusted OCI for Reporting Segments First-Half Results Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures 2010 2009 2008 2010 2009* 2010 2009 2008 2010 2009* Reported OCI 2,680 $ 2,569 $ 4.3% 2,377 $ 8.1% 376 $ 175 $ 100%+ 103 $ 90 $ 14.4% 91 $ (1.1)% 19 $ 10 $ 90.0% A
Slide 92: Adjusted OCI for Reporting Segments Full-Year Results
Adjusted OCI for Reporting Segments Full-Year Results Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures Smokeless Products Wine 2009 2008 2007 2009* 2009 2008 2007** 2009* Reported OCI 5,055 $ 4,866 $ 4,511 $ 381 $ 176 $ 164 $ 7 $ 43 $ Asset Impairment, exit, integrat
Slide 93: Altria's Adjusted Diluted EPS for Years Ended December
Altria’s Adjusted Diluted EPS for Years Ended December 31 Source: ALCS Finance, reconciliation between GAAP and non-GAAP financial measures Change Reported diluted EPS $1.81 - $1.85 1.54 $ 18% to 20% Asset Impairment, exit, integration and implementation costs 0.04 0.19 UST acquisition-related costs
Slide 94: UST LLC Adjusted Operating Profits for Reporting Segments
Source: Reconciliation between GAAP and non-GAAP financial measures from UST financials UST LLC Adjusted Operating Profits for Reporting Segments Full-Year and First-Half Results First-Half Results Smokeless Tobacco 2008 Smokeless Tobacco GAAP Operating Profit 429.8 $ Antitrust litigation 1.5 Restru
Altria Group — 2010 Barclays Capital Back-To-School Consumer Conference on 6ix