Altria (MO) Adjusts FY12 GAAP EPS Outlok on New Q3 Charge; Affirms Adj.-EPS Guidance

August 20, 2012 4:40 PM EDT Send to a Friend
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Altria (NYSE: MO) is revising its estimate of the previously announced one-time pre-tax charge against 2012 third-quarter reported earnings, reflecting the estimated loss on early extinguishment of debt related to this debt tender offer.

Altria now expects the Estimated Charge to be approximately $875 million, or $0.28 per share. The final charge may vary to the extent that the amount of Notes validly tendered and not validly withdrawn at or prior to the Expiration Date differs from the amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline.

Altria revises its 2012 full-year guidance for reported diluted EPS from a range of $1.96 to $2.00 to a range of $2.01 to $2.05, reflecting the Estimated Charge. The revised forecast reflects estimated total net expenses of $0.18 per share, consisting of the Estimated Charge and asset impairment, exit and implementation costs related to the current cost reduction program, partially offset by SABMiller plc (SABMiller) special items and a Philip Morris Capital Corporation (PMCC) leveraged lease benefit.

Altria reaffirms its 2012 full-year guidance for adjusted diluted EPS, which excludes special items, to be in the range of $2.19 to $2.23, representing a growth rate of 7% to 9% from an adjusted diluted EPS base of $2.05 per share in 2011.


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