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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
05/22/201516:26:07Appeals Court Issues Mixed Ruling on Cigarette Warnings--3rd...
05/22/201516:06:50Statement of Changes in Beneficial Ownership (4)
05/22/201516:04:14Statement of Changes in Beneficial Ownership (4)
05/22/201516:01:31Appeals Court Issues Mixed Ruling on Cigarette Warnings--2nd...
05/22/201516:00:44Statement of Changes in Beneficial Ownership (4)
05/22/201515:55:20Statement of Changes in Beneficial Ownership (4)
05/22/201515:52:17Statement of Changes in Beneficial Ownership (4)
05/22/201515:50:04Statement of Changes in Beneficial Ownership (4)
05/22/201515:46:37Statement of Changes in Beneficial Ownership (4)
05/22/201515:44:20Statement of Changes in Beneficial Ownership (4)
05/22/201515:43:08Statement of Changes in Beneficial Ownership (4)
05/22/201515:40:10Statement of Changes in Beneficial Ownership (4)
05/22/201513:57:52Appeals Court Issues Mixed Ruling on Cigarette Warnings--Update
05/21/201513:30:00Altria Commits $800,000 in College Scholarships to 20 Richmond...
05/20/201515:51:40Current Report Filing (8-k)
05/20/201514:30:25Specialized Disclosure Report (sd)
05/20/201513:00:00Altria Holds 2015 Annual Meeting of Shareholders
05/20/201512:15:10What Is the S&P 500 Index?
05/19/201508:20:0210 Sin Stocks With Huge Cash Flows
05/13/201510:30:00Altria to Host Webcast of 2015 Annual Meeting of Shareholders

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