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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
07/02/201515:34:54Statement of Changes in Beneficial Ownership (4)
07/02/201515:31:52Statement of Changes in Beneficial Ownership (4)
07/02/201515:27:41Statement of Changes in Beneficial Ownership (4)
07/02/201515:21:35Statement of Changes in Beneficial Ownership (4)
07/01/201511:45:21Amended Annual Report (10-k/a)
06/23/201512:04:19Current Report Filing (8-k)
06/23/201508:00:00Altria Holds Investor Day; Reaffirms 2015 Adjusted Diluted EPS...
06/17/201518:13:033 Sin Stocks With 5% Dividend Yields
06/11/201514:14:12Annual Report of Employee Stock Plans (11-k)
06/11/201514:08:03Annual Report of Employee Stock Plans (11-k)
06/09/201510:00:00Altria to Host Webcast of Its Investor Day
06/03/201518:00:18Stocks to Watch in E-Cigs: Altria Group Inc., Reynolds American...
06/02/201513:27:19Tobacco Companies Drop Suit Against FDA Over Labeling
06/02/201508:23:033 Sin Stocks With Strong Dividends
06/01/201512:44:02Tobacco Industry Reshaped as Reynolds American, Inc. and Lorillard...
05/27/201512:07:27Securities Registration: Employee Benefit Plan (s-8)
05/26/201521:55:39Stocks to Watch in Tobacco: Altria Group Inc., Philip Morris...
05/26/201520:02:01Reynolds-Lorillard Tobacco Merger Gets FTC Clearance -- Update
05/26/201520:00:14FTC Clears Reynolds-Lorillard Deal
05/26/201519:16:29Reynolds-Lorillard Tobacco Merger Gets FTC Clearance -- Update

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