Altria’s cannabis investment eats into first-quarter earnings, drives profit down 41%. Shares slide

Altria on Thursday reported first-quarter earnings and revenue that missed analysts’ expectations and drove its shares down 2% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: 90 cents, adjusted, vs. 92 cents expected
• Revenue: $4.39 billion vs. $4.59 billion expected

Altria reported first-quarter net income of $1.12 billion, or 60 cents per share, down from $1.89 billion, or $1 per share a year earlier. Excluding unrealized losses associated with Altria’s investment in Cronos, lower earnings from Altria’s investment in AB InBev and other items, Altria earned 90 cents per share, less than the 92 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 6% to $4.39 billion, missing expectations of $4.59 billion.