UPDATE: Altria Group Posts Better-Than-Expected Q3 Earnings

Altria Group (NYSE: MO) reported upbeat earnings for the third quarter.The Richmond, Virginia-based company posted quarterly net earnings of $1.397 billion, or $0.71 per share, compared to $1.396 billion, or $0.70 per share, in the year-ago quarter. Excluding non-recurring items, the company's adjusted earnings were $0.69 per share. Its revenue, excluding excise taxes, declined marginally to $4.75 billion. However, analysts were expecting earnings of $0.68 per share on revenue of $4.73 billion.Smokeable product sales gained 1%, while smokeless tobacco sales fell 3.9% in the quarter. n the wine segment, net revenue gained 3.4%During the quarter, the company repurchased around 6.4 million shares of its common stock at an average price of $42.87 for a total cost of about $275 million.Altria's board raised the regular quarterly dividend by 8.3% to $0.52 per share.“Our business results are on track,” said Marty Barrington, Chairman and Chief Executive Officer of Altria. “We grew adjusted diluted EPS 6.2% in the third quarter behind strong income performance by our smokeable products segment, our companies' leading premium brands and the strength of our diverse business model.”Altria also affirmed its adjusted earnings forecast of $2.54 to $2.59 per share for 2014.Altria shares fell 1.18% to $47.01 in pre-market trading.