Altria Group (MO) to Record $240M non-Cash Gain from SABMiller Transaction; Reaffirms Non-GAAP Outlook
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Financial Fact:
Dividends declared: 0.61
Today's EPS Names:
XYF, SQZB, RENO, More
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Altria Group, Inc. (Altria) (NYSE: MO) will record one-time non-cash gains of $240 million or $0.11 per share to its 2012 first-quarter reported earnings from its equity investment in SABMiller plc (SABMiller). This reflects Altria’s share of non-cash gains resulting from SABMiller’s strategic alliance transactions with Anadolu Efes and Castel that were completed in the first quarter of 2012.
Altria has determined that it is appropriate to revise its first quarter 2012 financial statements to reflect its share of the non-cash gains resulting from SABMiller’s strategic alliance transactions with Anadolu Efes and Castel that were completed in the first quarter of 2012. This revision will result in a $369 million, $240 million, and $0.11 increase to Altria’s previously disclosed reported earnings from equity investment in SABMiller, reported net earnings, and reported diluted EPS, respectively, for the first quarter of 2012. There is no impact to adjusted diluted EPS, cash flows, dividends or share repurchases. Altria has determined that the non-cash gains were not material to Altria’s first quarter 2012 financial statements. Accordingly, Altria will reflect this revision in its financial statements for the six months ended June 30, 2012.
The non-cash gains of $0.11 per share from SABMiller’s strategic alliance transactions result in an increase to Altria’s 2012 full-year reported diluted EPS guidance from a range of $2.14 to $2.20 to a range of $2.25 to $2.31. The revised 2012 reported diluted EPS forecast of $2.25 to $2.31 reflects the net impact of special items included in Table 1 below.
Altria reaffirms its 2012 full-year guidance for adjusted diluted EPS, which excludes special items shown in Table 1 below, to be in the range of $2.17 to $2.23, representing a growth rate of 6% to 9% from an adjusted diluted EPS base of $2.05 per share in 2011.
Altria has determined that it is appropriate to revise its first quarter 2012 financial statements to reflect its share of the non-cash gains resulting from SABMiller’s strategic alliance transactions with Anadolu Efes and Castel that were completed in the first quarter of 2012. This revision will result in a $369 million, $240 million, and $0.11 increase to Altria’s previously disclosed reported earnings from equity investment in SABMiller, reported net earnings, and reported diluted EPS, respectively, for the first quarter of 2012. There is no impact to adjusted diluted EPS, cash flows, dividends or share repurchases. Altria has determined that the non-cash gains were not material to Altria’s first quarter 2012 financial statements. Accordingly, Altria will reflect this revision in its financial statements for the six months ended June 30, 2012.
The non-cash gains of $0.11 per share from SABMiller’s strategic alliance transactions result in an increase to Altria’s 2012 full-year reported diluted EPS guidance from a range of $2.14 to $2.20 to a range of $2.25 to $2.31. The revised 2012 reported diluted EPS forecast of $2.25 to $2.31 reflects the net impact of special items included in Table 1 below.
Altria reaffirms its 2012 full-year guidance for adjusted diluted EPS, which excludes special items shown in Table 1 below, to be in the range of $2.17 to $2.23, representing a growth rate of 6% to 9% from an adjusted diluted EPS base of $2.05 per share in 2011.
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