British American Tobacco (BTI) stock plummeted 8.75% in the pre-market trading session on Thursday, following the company's disappointing financial results and a hefty provision related to a proposed litigation settlement in Canada.
BTI reported a decline in cigarette sales volume in the U.S., a key market contributing 53% of its total operating profit. The company missed market expectations for 2024 revenue and adjusted operating profit, impacted by factors like the sale of its Russian and Belarusian businesses, foreign exchange headwinds, and increased taxes in some markets.
Additionally, BTI booked a significant provision of $7.72 billion related to a proposed settlement in a long-running lawsuit in Canada. The company and some of its rivals were set to pay $22.73 billion to settle the lawsuit, but some parties, including Philip Morris International's Canadian affiliate, have objected to the proposal.
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