The U.S.-listed shares of British American Tobacco PLC BTI, -2.90% BATS, -1.03% fell 1.9% in midday trading Friday, after the U.K.-based tobacco products seller, with brands including Lucky Strike, Dunhill and Pall Mall, said it will no longer have a presence in Russia, and lowered its full-year financial outlook as a result of Russia’s invasion of Ukraine. The company said it has completed its review of its presence in Russia,and have concluded that ownership of business in Russia is “no longer sustainable in the current environment.” The company said it will continue to pay its 2,500 employees in Russia. Given the company’s conclusion, and continued uncertainty related to the impact of Russia’s invasion of Ukraine, it has lowered its 2022 guidance for constant-currency revenue growth to 2% to 4% from 3% to 5%, and for constant-currency adjusted earnings-per-share growth to a “mid-single figure” percentage range from a “high-single figure” range. The stock has tumbled 12.9% over the past month, while the S&P 500 SPX, -1.30% has slipped 3.9%.
