Philip Morris Boosted by Rising Demand for Smoke-Free Products [BNN Bloomberg (Canada)]
British American Tobacco Industries, p.l.c. ADR (BTI)
NASDAQ:AMEX Investor Relations:
bat.com/ir
Company Research
Source: BNN Bloomberg
The tobacco company, whose brands include Marlboro cigarettes, IQOS heated tobacco sticks and Zyn nicotine pouches, now expects adjusted earnings per share of as much as $6.67 in 2024 on a currency neutral basis. This compares to previous guidance of up to $6.55 a share. PMI is in the midst of transforming its business to reduce its reliance on cigarettes. Sales of IQOS now rival its best-known cigarette brand Marlboro — which PMI distributes outside the US — and the group's alternative products in total accounted for 39% of net revenue in the first quarter. Chief executive officer Jacek Olczak has said cigarettes “belong in a museum” and wants more than half its revenue to be generated from other products by 2025 or 2026, before rising to more than two-thirds by 2030. Shipments of its Zyn nicotine pouches to the US rose nearly 80% to 131.6 million cans during the quarter, the company said. PMI acquired Zyn-maker Swedish Match in 2022 in a $16 billion takeover deal giving it
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BTI
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- BTI's page on the SEC website