Companies and Brands
Altria Revises 2012 Guidance in Presentation
Published:
Last Updated:
If there is one type of company that would seem as though it should not be presenting at a “back-to-school consumer conference,” it would be a tobacco company. But, hey … it is just a conference name. Altria Group Inc. (NYSE: MO) is participating in the Barclays Back-To-School Consumer Conference in Boston, Mass., today, and Chairman and CEO Marty Barrington and CFO Howard Willard will be presenting to investors in a live webcast at approximately 11:15 a.m. EST.
At the conference, Altria is revising its full 2012 earnings guidance. The prior range of $2.01 to $2.05 in earnings per share is being lifted to $2.03 to $2.07 per share. The bump up is due to a $0.02 income tax benefit “primarily attributable to the reversal of tax reserves and associated interest related to the closure at the end of August 2012 of the Internal Revenue Service audit of the 2004 to 2006 tax years.”
Altria noted that the revised forecast reflects estimated total net expenses of $0.16 per share, “consisting of the loss on early extinguishment of debt and asset impairment, exit and implementation costs related to the current cost reduction program, partially offset by SABMiller plc (SABMiller) special items, a Philip Morris Capital Corporation (PMCC) leveraged lease benefit and the income tax benefit …”
Altria reaffirmed its 2012 full-year guidance for adjusted diluted EPS, excluding special items, in a range of $2.19 to $2.23 per share. This would put the earnings per share growth rate at 7% to 9% over its 2011 adjusted earnings of $2.05 per share.
We would note that Altria already recently raised its dividend and it offered guidance around the debt tenders and refinancing offers that lowered the tobacco giant’s cost of capital.
Altria shares have recovered off of the lows but shares are still down $0.02 at $34.38 in morning trading.
JON C. OGG
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.