NewsBreak: Altria Writes Down Juul Stake by $4.5 Billion By Investing.com

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NewsBreak: Altria Writes Down Juul Stake by $4.5 Billion

Stock Markets Oct 31, 2019 07:43AM ET

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NewsBreak: Altria Writes Down Juul Stake by $4.5 Billion

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Investing.com -- Altria Group (NYSE:MO) said Thursday it will write down the value of its 35% stake in vaping products maker Juul by $4.5 billion, less than a year after paying $12.8 billion for it.

"While there was no single determinative event or factor, Altria (NYSE:MO) considered impairment indicators in totality, including: increased likelihood of U.S. Food & Drug Administration (FDA) action to remove flavored e-vapor products from the market pending a market authorization decision, various e-vapor bans put in place by certain cities and states in the U.S. and in certain international markets, and other factors," the company said in its quarterly earnings release.

The company said its traditional business performed well in the quarter and it upheld its full-year guidance for adjusted earnings growth of 5% to 7%. It said it expects earnings per share to grow by between 5% and 8% each year through 2022, paying out around 80% of that in dividends.

Shares of Altria (NYSE:MO) rose 1.6% in premarket trade.

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