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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
04/28/201610:00:57Quarterly Report (10-q)
04/28/201608:02:00Altria Profit, Revenue Grow as Cigarette Shipments Rise
04/28/201607:06:26Current Report Filing (8-k)
04/28/201607:00:00Altria Reports 2016 First-Quarter Results and Reaffirms Full-Year...
04/26/201612:22:00Reynolds American Sales Surge on Lorillard Acquisition--Update
04/26/201609:30:00Reynolds American Growth Continues on Newport Acquisition
04/14/201610:30:00Altria to Host Webcast of 2016 First-Quarter Results
04/07/201618:48:00Philip Morris USA Wins Missouri “Lights” Class Action Jury Tri...
04/07/201609:05:05Additional Proxy Soliciting Materials (definitive) (defa14a)
04/07/201608:55:06Proxy Statement (definitive) (def 14a)
04/04/201615:24:39Statement of Changes in Beneficial Ownership (4)
04/04/201615:21:08Statement of Changes in Beneficial Ownership (4)
04/04/201615:17:05Statement of Changes in Beneficial Ownership (4)
02/25/201610:54:15Securities Registration: Employee Benefit Plan (s-8)
02/25/201609:15:00Altria Declares Regular Quarterly Dividend of $0.565 per Common...
02/17/201612:47:17Current Report Filing (8-k)
02/17/201608:00:00Altria Presents at the Consumer Analyst Group of New York Conference;...
02/16/201616:41:37Statement of Changes in Beneficial Ownership (4)
02/16/201616:37:41Statement of Changes in Beneficial Ownership (4)
02/16/201616:08:12Statement of Changes in Beneficial Ownership (4)

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