Altria Group, Inc. held its 2011 Annual Meeting of Shareholders on May, 19. Altria’s Chairman and Chief Executive Officer, Michael E. Szymanczyk, updated shareholders on Altria’s continuing progress against its corporate Mission, which enables Altria to deliver superior returns to shareholders.
Altria Group Inc.
Voting Results for Altria’s 2011 Annual Meeting of Shareholders
At the meeting, Altria’s shareholders elected to a one-year term each of the nine nominees for director named in Altria’s proxy statement; ratified the selection of PricewaterhouseCoopers LLP as Altria’s independent registered public accounting firm for the fiscal year ending 2011; approved on an advisory basis the compensation of Altria’s named executive officers; approved on an advisory basis that the frequency of future advisory votes on the compensation of Altria’s named executive officers should be considered annually; and defeated one shareholder proposal. Final voting results will be reported on a Current Report on Form 8-K.
2011 Full-Year Guidance
Altria reaffirms its 2011 full-year guidance for reported diluted earnings per share (EPS) to be in the range of $2.00 to $2.06. This forecast includes estimated net charges of $0.01 per share related to SABMiller plc (SABMiller) special items as shown in the table below.
At the meeting, Altria reaffirmed its 2011 full-year guidance for adjusted diluted EPS, which excludes special items described in the table below, to be in the range of $2.01 to $2.07, representing a growth rate of 6% to 9% from an adjusted base of $1.90 in 2010. Altria’s 2011 first-quarter adjusted diluted EPS results exceeded management’s expectations, due in part to trade inventory dynamics. The trade inventory build in the first quarter of 2011 could negatively impact the cigarettes segment’s future income and volume results if it is depleted. As a result, Altria expects unevenness in its 2011 adjusted diluted EPS growth on a quarterly basis, with more growth towards the back half of the year.
The factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to this forecast. Altria reports its consolidated financial results in accordance with U.S. generally accepted accounting principles (GAAP). This press release contains2010 results and 2011 guidance for diluted EPS on both a reported basis and on an adjusted basis, which excludes items that affect the comparability of reported results.
