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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
12/07/201613:15:00Altria Declares Regular Quarterly Dividend of $0.61 per Common...
12/06/201608:00:00Altria’s Statement on Philip Morris International’s MRTP App...
12/02/201615:36:19Statement of Changes in Beneficial Ownership (4)
11/14/201619:40:00Reynolds Wants More After Rejecting BAT's Initial Takeover Bid
11/02/201610:33:31Statement of Changes in Beneficial Ownership (4)
10/27/201610:09:14Quarterly Report (10-q)
10/27/201608:30:00Altria Results Top Views
10/27/201608:20:00Altria Results Narrowly Top Views
10/27/201607:06:40Current Report Filing (8-k)
10/27/201607:00:00Altria Reports 2016 Third-Quarter and Nine-Month Results; Reaffirms...
10/21/201617:10:20Current Report Filing (8-k)
10/21/201616:55:00Altria Announces Increased Ownership of Anheuser-Busch InBev
10/19/201609:20:00Reynolds American CEO to Leave Role at Year's End
10/13/201610:30:00Altria to Host Webcast of 2016 Third-Quarter Results
10/12/201603:08:00Altria Faces Lower Beer Stake -- WSJ
10/11/201616:30:00Altria Gets 2 Seats on AB InBev Board After Deal Closes -- Update
10/11/201610:10:00As Anheuser-Busch, SABMiller Deal Closes, Altria Details Impact
10/11/201609:45:00As Anheuser-Busch, SABMiller Deal Closes, Altria Details Impact
10/11/201608:32:38Current Report Filing (8-k)
10/11/201608:15:00Altria Becomes Significant Shareholder in Anheuser-Busch InBev;...

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