• Reuters

    Altria tops first quarter sales on higher pricing, robust demand for smokeless alternatives

    Like other tobacco giants, Altria has been revamping its portfolio of products to keep up with consumers switching from traditional tobacco products to vapes or other alternatives and as inflation-hit smokers switched to cheaper brands. The company's net revenue came in at $5.58 billion in the first quarter, topping analyst expectations of $4.71 billion, while profit on an adjusted basis came in line with expectations. Last year, Altria launched a lower-priced version of its flagship Marlboro brand and finalized its acquisition of e-cigarette startup NJOY Holdings, expanding its portfolio to include pod-based vapes.

  • Reuters

    A. O. Smith posts quarterly profit beat on resilient water heater demand

    Water heater maker A. O. Smith reported a better-than-expected first-quarter profit on Thursday, aided by price hikes and resilient demand for its water heaters and treatment products in North America. The Milwaukee, Wisconsin-based company has also benefited from growing demand for its energy-efficient boilers as commercial buildings look to improve their carbon footprints. Adjusted profit for the first quarter was $1 per share, compared with 94 cents per share a year earlier.

  • Evening Standard

    FTSE 100 Live: Index surges on £31bn mining takeover move, US GDP in view, AstraZeneca surges

    A £31 billion takeover pursuit and some robust blue-chip updates helped to boost the FTSE 100 index today. Anglo American, whose interests include De Beers and the giant Woodsmith polyhalite project in North Yorkshire, is the target of Australia’s BHP. Meanwhile, shares in Barclays, AstraZeneca and Unilever performed strongly after their first quarter updates.