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Altria's Net Falls 8.4% On Kraft Spinoff 

Altria Group Inc. posted an 8.4% decline in third-quarter net income, despite increases in its domestic and international tobacco business, reflecting the spinoff of Kraft Foods Inc. The parent of cigarette maker Philip Morris raised its forecast for 2007 earnings.

Altria, which plans to spin off its international tobacco operation next year, reported net income of $2.63 billion, or $1.24 a share, compared with $2.88 billion, or $1.36 a share, a year earlier. The latest results included a five-cent gain on tax items and two-cent charge for asset impairment and restructuring. Year-earlier figures included $661 million in earnings from discontinued operations, reflecting results from Kraft.

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