HENRICO COUNTY (dpa-AFX) - Altria Group Inc. (MO) announced Wednesday that it 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 (SAB.L, SBMRY.PK). 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 said it 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.
The company noted that the 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 earnings per share, respectively, for the first quarter of 2012.
The company stated that there is no impact to adjusted earnings per share, cash flows, dividends or share repurchases.
Altria said it 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 earnings per share guidance to a range of $2.25 to $2.31 from a range of $2.14 to $2.20.
Altria reaffirmed its 2012 full-year guidance for adjusted earnings per share to be in the range of $2.17 to $2.23. Analysts polled by Thomson Reuters expect the company to report earnings of $2.21 per share for fiscal 2012. Analysts' estimates typically exclude special items.
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