DOW JONES NEWSWIRES
Altria Group Inc. (MO) raised its full-year earnings guidance
after the company disclosed it will record a noncash gain in its
first quarter.
Altria, the parent of tobacco company Philip Morris, now sees
full-year earnings at $2.25 to $2.31 a share, up 11 cents from its
previous view. It affirmed its adjusted earnings estimates.
The boost of 11 cents a share stems from Altria's roughly 27%
ownership of SABMiller PLC (SBMRY, SAB.LN, SAB.JO), one of the
world's largest brewers, which recently made strategic-alliance
transactions in the first quarter. The gain reflects Altria's
noncash benefit from those deals.
SABMiller implemented a number of organizational changes in its
African operations, including the combination of the operational
management of the Castel Group and SABMiller businesses in Nigeria
and Angola. It also forged a strategic alliance with Anadolu Group
and Anadolu Efes (AEFES.IS, AEBZY) for Turkey, Russia, Central Asia
and the Middle East.
Altria's shares closed Wednesday at $31.86 and were unchanged
after hours. The stock is up 7.5% so far this year.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108;
ben.rubin@dowjones.com