Altria's 2012 third-quarter reported diluted EPS decreased 43.9% primarily due to the loss on early extinguishment of debt discussed below, partially offset by higher OCI in smokeable products, higher earnings from Altria's equity investment in SABMiller and fewer shares outstanding.
For the first nine months of 2012, Altria's reported diluted EPS increased 22.8% primarily due to special items related to certain PMCC leveraged lease transactions in 2011, higher earnings from Altria's equity investment in SABMiller, including net gains from SABMiller special items discussed below, higher OCI in smokeable products and fewer shares outstanding. These favorable factors were partially offset by the loss on early extinguishment of debt discussed below.
Altria's adjusted diluted EPS, which excludes special items that are discussed below, increased 3.6% to $0.58 for the third quarter of 2012, and increased 7.8% to $1.66 for the first nine months of 2012 as shown in Table 2.
|Table 2 - Altria's Adjusted Results Excluding Special Items|
Nine Months Ended September 30,
|Reported diluted EPS||$||0.32||$||0.57||(43.9)%||$||1.51||$||1.23||22.8%|
|Loss on early extinguishment of debt||0.28||—||0.28||—|
|Asset impairment, exit, integration and implementation costs||—||—||0.01||—|
|SABMiller special items||0.01||—||(0.08||)||0.01|
|PMCC leveraged lease (benefit) charge||—||—||(0.03||)||0.30|
|Tobacco and health judgments||—||—||—||0.01|
|Adjusted diluted EPS||$||0.58||$||0.56||3.6%||$||1.66||$||1.54||7.8%|
* Excludes the tax impact of the PMCC leveraged lease (benefit) charge.Loss on Early Extinguishment of Debt Comparisons of Altria's third-quarter and nine-month reported diluted EPS were impacted by a loss on early extinguishment of debt resulting from the previously announced third-quarter 2012 debt tender offer. Altria recorded a charge of $0.28 per share against 2012 third-quarter earnings, representing the loss on early extinguishment of debt. This charge is reflected in Schedules 1 and 3, and the EPS impacts are shown in Table 2 and Schedules 6 and 7.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV