British American Tobacco Jumped Today -- Is the Stock a Buy for 2024?
British American Tobacco (NYSE: BTI) stock climbed Thursday after the company published preliminary results for its recently completed fiscal year. The company's share price closed out the daily session up 6.8%, according to data from S&P Global Market Intelligence.
Sales in the annual period were down 1.3% to 27.3 billion British pounds but would have been up 3.1% on an organic basis assuming constant-currency rates. While revenue for the company's combustibles segment climbed 0.6% on a constant-currency basis, it was progress outside of the cigarette business that really stood out.
Sales for the company's new categories segment, which includes vapes, heated-tobacco products, and oral tobacco products, were up 21% on a currency-adjusted basis. The segment also shifted into profitability on a full-year basis, achieving that feat two years ahead of the company's initial target.
Source Fool.com
