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On the Call: Altria Group CEO Michael Szymanczyk
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International:
· USA
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Source:http://www.kentucky.com/,2009-10-19
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Tobacco sales and volumes fell in the first half of the year as a federal tax increase took effect, but they rebounded some during the second quarter as retailers went back to ordering cigarettes and consumers adjusted to higher prices.
Analysts hoped that the third quarter would show clear trends but felt the numbers Altria Group Inc. released Wednesday fell short and the impacts of declining demand and rising taxes may not be clear until next fiscal year.
Altria is the parent company of the nation's largest cigarette maker, Philip Morris USA.
In a conference call with analysts regarding Altria's third-quarter earnings, CEO Michael E. Szymanczyk talked about the impact of the tax increase.
QUESTION: Is it fair to say that all the dislocations that were caused by the 62-cents-per-pack April 1 federal tax increase are basically through the system?
RESPONSE: The dislocation related to the change in tax rate has occurred and is behind us. ... I think the industry is kind of returning to what will be its base level. ... It seems to be pretty stable now and now it's just a function of competitive activity.
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