The tobacco giant on Thursday, July 28, 2022, said its stake in the e-cigarette maker is now worth less than $500 million after U.S. regulators announced plans to ban Juul's vaping devices. – Cigarette maker Altria's $13 billion investment in the troubled vaping company Juul has gone up in smoke — now worth less than 5% of its original value as U.S. regulators move to ban its e-cigarettes.
“At this point in the process we’ve chosen not to make any different decisions,” Altria CEO Billy Gifford told industry analysts on a call. “We think the right decision currently is to stay under the non-compete.” The Juul decision is part of a sweeping FDA review of all U.S. e-cigarettes aimed at eliminating those that haven’t been shown to help smokers reduce or quit smoking.Juul rocketed to the top of the U.S. vaping market five years ago on the popularity of flavors including mango, mint and creme brulee. But the company’s rise was fueled by underage use among teenagers who became hooked on Juul’s high-nicotine pods.
Excluding Juul and other one-time expenses the company’s adjusted earnings were $1.26 per share, just ahead of Wall Street estimates. Six analysts surveyed by Zacks Investment Research expected earnings of $1.25 per share.
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