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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
09/29/201603:03:00Investors Approve Brewing Megadeal -- WSJ
09/28/201610:01:00SABMiller, AB InBev Shareholders Approve Merger -- 2nd Update
09/28/201607:30:00SABMiller, AB InBev Shareholders Approve Merger
09/28/201607:06:00SABMiller, AB InBev Shareholders Approve Merger -- Update
09/22/201615:15:00Altria Announces Consummation of Cash Tender Offer and Final...
09/20/201609:12:56Current Report Filing (8-k)
09/20/201609:00:00Altria Announces Expiration of Cash Tender Offer; Reaffirms 2016...
09/19/201613:30:00Altria Announces Consideration for Cash Tender Offer
09/16/201615:38:18Current Report Filing (8-k)
09/15/201618:00:00FDA Cracks Down on Online Sales by E-Cigarette Industry
09/15/201610:52:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/14/201606:03:39Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
09/13/201609:13:17Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/13/201609:00:39Current Report Filing (8-k)
09/13/201608:55:00Altria Announces Cash Tender Offer for Any and All of Its 9.95...
09/07/201609:14:59Current Report Filing (8-k)
09/07/201608:45:00Altria Presents at the Barclays Global Consumer Staples Conference;...
08/25/201615:00:00Altria Increases Quarterly Dividend by 8.0% to $0.61 per Common...
08/24/201610:00:00Altria to Host Webcast from the Barclays Global Consumer Staples...
08/23/201614:50:00SABMiller Says U.K. Court Agrees Largest Shareholders Can Be...

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