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Altria Announces Consideration For Debt Tender Offer

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 shown in Table 1 below, 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.

The factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to this forecast. Reconciliations of full-year adjusted to reported diluted EPS are shown in Table 1 below.

 
Table 1 - Altria's Full-Year Earnings Per Share Guidance Excluding Special Items
  Full Year
2012 Guidance     2011   Change
Reported diluted EPS

$2.01

to

$2.05

  $1.64  

23%

to

25%

Loss on early extinguishment of debt

0.28

Asset impairment, exit, integration and
implementation costs 0.02 0.07
SABMiller special items (0.09 ) 0.03
PMCC leveraged lease (benefit) charge (0.03 ) 0.30
Tax items*

(0.04 )
Tobacco and health judgments       0.05  
Adjusted diluted EPS   $2.19 to $2.23     $2.05     7 % to 9 %

* Excludes the tax impact of the PMCC leveraged lease (benefit) charge.

Altria's Profile

Altria directly or indirectly owns 100% of each of Philip Morris USA Inc. (PM USA), U.S. Smokeless Tobacco Company LLC (USSTC), John Middleton Co. (Middleton), Ste. Michelle Wine Estates Ltd. (Ste. Michelle) and Philip Morris Capital Corporation. Altria holds a continuing economic and voting interest in SABMiller.

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