(Reuters) - Marlboro cigarettes maker Altria Group Inc (N:MO) abandoned its full-year profit forecast for 2020 and beyond, citing "uncertainty" related to the COVID-19 pandemic.
Shares of the company, however, rose about 3% in early trading after it said it would continue to pay dividend.
Altria said it would approach the 2020 dividend by recommending a quarterly rate that reflects its cash position and balance sheet strength.
To save cash, its board rescinded $1 billion share buyback program that had $500 million remaining.
Revenue, net of excise taxes, rose 15% to $5.05 billion, helped by shoppers stocking up on cigarettes ahead of coronavirus-related shutdowns around the world. Analysts on average expected $4.61 billion, according to Refinitiv.
Earnings per share came in at $1.09, handily beating the average analyst estimate of 98 cents per share.