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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;

Stock News for Altria (MO)
02/03/201611:45:00Altria to Host Webcast from the Consumer Analyst Group of New...
01/28/201616:51:34Current Report Filing (8-k)
01/28/201616:30:38Statement of Changes in Beneficial Ownership (4)
01/28/201616:22:25Statement of Changes in Beneficial Ownership (4)
01/28/201616:18:57Statement of Changes in Beneficial Ownership (4)
01/28/201616:16:21Statement of Changes in Beneficial Ownership (4)
01/28/201616:08:07Statement of Changes in Beneficial Ownership (4)
01/28/201616:05:30Statement of Changes in Beneficial Ownership (4)
01/28/201616:04:41Statement of Changes in Beneficial Ownership (4)
01/28/201616:00:12Statement of Changes in Beneficial Ownership (4)
01/28/201615:55:56Statement of Changes in Beneficial Ownership (4)
01/28/201615:51:48Statement of Changes in Beneficial Ownership (4)
01/28/201615:02:00Altria Group to Lay Off Workers to Cut Costs -- 2nd Update
01/28/201611:49:00Correction to Altria Layoffs and Earnings Story
01/28/201610:50:00Altria Group to Lay Off Workers to Cut Costs -- Update
01/28/201610:02:37Current Report Filing (8-k)
01/28/201609:48:00U.S. Hot Stocks: Hot Stocks to Watch
01/28/201608:20:00Altria Cigarette Shipments Decline
01/28/201607:59:00Altria Cigarette Shipments Decline
01/28/201607:08:02Current Report Filing (8-k)

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