British American Tobacco Backs 2018 Guidance; Says Efforts to Pay Down Debt on Track
December 12 2018 - 02:51AM
Dow Jones News
By Carlo Martuscelli
British American Tobacco PLC (BATS.LN) said Wednesday that its
guidance for 2018 remains unchanged and that efforts to deleverage
the business are on track.
The company said it sees good growth in revenue and adjusted
operating profit, on a constant currency basis and weighed toward
the second half of the year. Full-year adjusted earnings-per-share
growth will be hit by currency headwinds of around 6%, it said. In
the U.S., decreases in industry volume are in line with historic
figures, down 4.4% in the year to date.
Its newer products in the vapor and heated-tobacco categories
are expected to reach 900 million pounds ($1.13 billion) in revenue
for 2018, the FTSE 100-listed company said.
Referring to reports of a possible ban on menthol cigarettes in
the U.S., the company said regulation of the flavored tobacco
products should be "developed through a comprehensive rule-making
process" and "be based on a thorough review of the science."
British American Tobacco said it expects its net debt to
adjusted Ebitda ratio at current exchange rates to be around 3.9
times by the end of the year.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
December 12, 2018 02:36 ET (07:36 GMT)
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