© Reuters. FILE PHOTO: A woman poses with a cigarette in front of BAT (British American Tobacco) logo in this illustration taken July 26, 2022. REUTERS/Dado Ruvic/Illustration
LONDON (Reuters) – British American Tobacco (NYSE:) said on Thursday it expects full-year revenue growth of between 2% and 4% at constant currency rates, as more people are using its e-cigarettes and oral nicotine products.
BAT (LON:) forecast mid-single digit adjusted diluted earnings per share growth on a constant currency basis for the year ending Dec. 31.
The Lucky Strike cigarette maker also expects “strong adjusted operating margin improvement despite increasing inflation in our supply chain.”
BAT estimated that 3.2 million more consumers began using its non-combustible products in the first nine months of the year, bringing the total number of users to about 21.5 million people.
The company added that sales of its combustible cigarette brands were flat in the third quarter but did not provide a full-year sales forecast for that business.
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