BOCA RATON, Fla.— Executives with Altria Group Inc. recapped the company’s road map during a meeting at the Consumer Analyst Group of New York (CAGNY) conference, held Feb. 18-22, offering further insight into its billion-dollar investments in e-cigarette maker Juul Labs and cannabis producer Cronos Group.
In a presentation from Murray Garnick, executive vice president and general counsel for Richmond, Va.-based Altria, and Billy Gifford, vice chairman and chief financial officer of the tobacco maker, said the company’s combined revenue in 2018 was up 1.8% with combined margins up 13.3 percentage points.
Ultimately, the company said it was facing a 4%-5% annual decline in combustible cigarettes over the next five years and elaborated on its $12.8 billion investment for a 35% stake in San Francisco-based Juul late last year, as well as a $1.8 billion buy-in for a 45% stake in Toronto-based Cronos Group.
Here are some of their insights …