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Altria Reaches $500 Million Settlement With IRS; Raises Fiscal Year EPS View Again

DOW JONES NEWSWIRES Altria Group Inc. (MO) said it reached a settlement with the Internal Revenue Service over certain leveraged lease transactions, in which it will pay $500 million in federal and state income taxes and interest. Altria, the parent of tobacco company Philip Morris, also raised its full-year earnings guidance by 3 cents to $2.28 to $2.34 a share, as the IRS deal requires it to pay less interest expense than it anticipated. It raised those estimates by 11 cents just last week on noncash gains related to its stake in SABMiller PLC (SBMRY, SAB.LN, SAB.JO), one of the world's largest brewers. The IRS settlement involves subsidiary Philip Morris Capital Corp.'s lease-in/lease-out and sale-in/sale-out transactions. Altria said the agreement still requires court approval. About $450 million will go to the federal government and $50 million to states. The company's shares closed Tuesday at $31.76 and were unchanged after hours. The stock is up 7.1% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Altria (MO)
DateTimeHeadline
05/26/201615:36:28Statement of Changes in Beneficial Ownership (4)
05/26/201613:50:00Altria Sues U.S. to Keep 'Black & Mild' Cigar Name
05/26/201613:36:00Altria Sues U.S. to Keep 'Black & Mild' Cigar Name
05/25/201610:33:23Specialized Disclosure Report (sd)
05/24/201615:44:29Statement of Changes in Beneficial Ownership (4)
05/24/201615:36:12Statement of Changes in Beneficial Ownership (4)
05/23/201616:29:48Statement of Changes in Beneficial Ownership (4)
05/23/201616:21:42Statement of Changes in Beneficial Ownership (4)
05/23/201616:19:21Statement of Changes in Beneficial Ownership (4)
05/23/201616:09:10Statement of Changes in Beneficial Ownership (4)
05/23/201615:58:35Statement of Changes in Beneficial Ownership (4)
05/23/201615:51:01Statement of Changes in Beneficial Ownership (4)
05/23/201615:47:43Statement of Changes in Beneficial Ownership (4)
05/23/201615:44:40Statement of Changes in Beneficial Ownership (4)
05/23/201615:40:44Statement of Changes in Beneficial Ownership (4)
05/23/201615:37:09Statement of Changes in Beneficial Ownership (4)
05/19/201615:38:39Current Report Filing (8-k)
05/19/201613:00:00Altria Holds 2016 Annual Meeting of Shareholders; Board of Directors...
05/18/201606:20:00SABMiller Profit Drops on Charges, Currencies
05/12/201610:30:00Altria to Host Webcast of 2016 Annual Meeting of Shareholders

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