BTI - Why Cigarette Company British American Tobacco Shares Are Diving Today | Benzinga
British American Tobacco PLC (NYSE: BTI) shares are trading lower by around 9% after it reported a pre-close trading update.
BAT expects to incur an accounting non-cash adjusting impairment charge relating to some U.S. cigarette brands of around £25 billion ($31.50 billion).
The company will commence amortization of the remaining value of its U.S. combustibles brands from January 2024.
BAT said it is making active investment choices to strengthen its U.S. business, accelerate momentum in Heated Products globally, and enhance capabilities supporting strategic delivery.
In the U.S., macroeconomic pressures and the continued proliferation of illicit modern disposables have continued to impact the combustibles industry ...