Altria Shows Sales Surge as Smokers Stocked Up on Cigarettes for COVID-19 Pandemic

Tobacco, like alcohol, is considered a recession-resistant sector, and the first-quarter earnings report of Marlboro owner Altria (NYSE: MO) underscores why. While price increases helped boost revenue, Altria said "consumer pantry loading due to COVID-19" were a contributing factor to the gains. Net revenue rose to $5.6 billion, but consumers also traded down to cheaper brands, which resulted in its leading Marlboro brand losing 0.5 points of share across all cigarettes, which now stands at 42.8%, and maintaining its share of 56.9% in the premium cigarette category.