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Altria writes down investment in troubled e-cigarette maker Juul by $4.5 billion

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Tobacco giant Altria wrote down its investment in Juul by $4.5 billion, citing e-cigarette bans among the factors for the write down.

In the nearly year since announcing the deal, Juul has been embroiled in controversy.Tobacco giant Altria wrote down its $12.8 billion investment in troubled e-cigarette maker Juul by more than a third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.

The write-down drove the company's net income down by about $2.41 a share. On an unadjusted basis, Altria booked a $2.6 billion loss for the quarter, or a loss of $1.39 a share, compared with a profit of $1.94 billion, or $1.03 a share, during the same time last year. In the nearly year since announcing the deal, Juul has been embroiled in controversy. The company is largely blamed for fueling an epidemic of teen vaping.

 

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