On June 4, British American Tobacco fell 3.05% in regular trading, trading at $58.58/share, with trading volume of $213 million.

On the news front, British American Tobacco released a performance update on June 2, lowering its global cigarette industry volume forecast from a year-over-year decline of approximately 2% to approximately 2.5%. The company also flagged that its U.S. domestic market share has slipped due to intensified competition, while business expansion in Asia-Pacific, the Middle East, and Africa regions has underperformed expectations.

The company maintained its full-year guidance at the lower end of its mid-term target range, with revenue growth of 3%–5% and adjusted operating profit growth of 4%–6%. Meanwhile, the new categories segment saw an upward revision, with revenue growth now expected at around 15%, up from a previous low-teens estimate. An analyst at RBC Capital Markets commented that combustible tobacco performance remains weak while new category growth is impressive. The market continues to digest concerns over the structural decline in the traditional cigarette business.

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