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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
08/26/201510:31:00Altria to Host Webcast from the Barclays Global Consumer Staples...
08/26/201510:00:00Altria to Host Webcast from the Barclays Global Consumer Staples...
08/21/201511:59:00Altria Raises Quarterly Dividend by 8.7%
08/21/201511:24:15Current Report Filing (8-k)
08/21/201511:00:00Altria Increases Quarterly Dividend by 8.7% to $0.565 per Common...
07/29/201513:02:33Altria Nudges Guidance Higher as Revenue Rises -- Update
07/29/201509:54:36Quarterly Report (10-q)
07/29/201508:30:05Altria Nudges Guidance Higher as Revenue Rises
07/29/201508:09:12Altria Nudges Guidance Higher as Revenue Rises
07/29/201507:07:12Current Report Filing (8-k)
07/29/201507:00:00Altria Reports 2015 Second-Quarter & First-Half Results; Raises...
07/28/201508:20:10Reynolds American Lifts Earnings Outlook
07/27/201519:33:46Improving Economy Boosts Altria's Marlboro Sales--Earnings Preview
07/16/201512:32:34Philip Morris International Delivers Another Solid Earnings Report
07/16/201508:59:00Altria Announces Expansion of Strategic Framework with Philip...
07/15/201510:00:00Altria to Host Webcast of 2015 Second-Quarter Results
07/10/201510:59:02Stocks To Watch in Consumer Staples: Altria Group Inc and Tyson...
07/08/201518:25:033 Consumer Goods Stocks to Buy in July
07/08/201508:57:02Why Altria Group Stock Is Letting the Flame Die Out in 2015
07/02/201515:34:54Statement of Changes in Beneficial Ownership (4)

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