British American Tobacco Posts Mixed 2020 Results, Downbeat Outlook -- Earnings Review
17 Febbraio 2021 - 12:14PM
Dow Jones News
By Adria Calatayud
British American Tobacco PLC reported results for 2020 on
Wednesday. Here's what you need to know:
REVENUE: The FTSE 100 cigarette maker--which houses the Kent,
Dunhill and Lucky Strike brands--said it generated revenue of 25.78
billion pounds ($35.84 billion) last year, down 0.4% on year but
slightly ahead of a FactSet-provided consensus of GBP25.71 billion
based on estimates by 16 analysts.
PRETAX PROFIT: BAT said it made a full-year pretax profit of
GBP8.67 billion, up 9.6% on year but falling short of analysts'
expectations of GBP9.85 billion, according to a consensus based on
estimates by seven analysts polled by FactSet.
WHAT WE WATCHED:
-ORGANIC GROWTH: The company said adjusted revenue grew 3.3% at
constant rates of exchange last year, despite an estimated
coronavirus-related headwind on revenue of around 2.5%. This was
better than guidance provided in December for organic revenue
growth at constant currency at the high end of its previous range
of 1% to 3%.
-OUTLOOK: BAT said it expects constant-currency revenue growth
of between 3% and 5% in 2021, and mid-single figure growth in
adjusted earnings per share, reflecting continued Covid-19 impacts.
The company also said it anticipates a foreign-exchange hit of
around 7% on its adjusted EPS growth for the full year. Analysts at
Citi said BAT's outlook for 2021 is likely to disappoint, and that
it could trigger downgrades to consensus forecasts.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 17, 2021 05:59 ET (10:59 GMT)
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