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MarketScreener Homepage  >  Equities  >  Nyse  >  Altria Group    MO

ALTRIA GROUP

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Juul to cut $1 billion in costs as new CEO aims for reboot

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11/12/2019 | 08:55am EST
FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta

Juul Labs Inc will cut nearly $1 billion (£781.5 million) in costs next year, a company official said on Tuesday, as its new chief executive officer tries to turn around the e-cigarette maker following a regulatory crackdown.

K.C. Crosthwaite, a former executive at major shareholder Altria, is tasked with fixing the company's battered public image and shrinking valuation as the regulatory moves on vaping threaten to upend the fast-growing industry.

The official also said Juul would cut around 650 jobs, or 16% of its 4,051 strong workforce, starting Tuesday. The company had previously said it would cut 10-15% of its workforce by the end of this year.

"As the vapour category undergoes a necessary reset, this reorganization will help JUUL Labs focus on reducing underage use, investing in scientific research, and creating new technologies," Crosthwaite said in a statement emailed to Reuters.

The cost cuts will impact Juul's marketing budget and are the latest effort by Crosthwaite, who last month reshuffled the San Francisco-based company's top management.

In October, Marlboro cigarettes maker Altria, which has a 35% stake in Juul, wrote down the value of its investment by $4.5 billion, cutting Juul's valuation by a third to roughly $24 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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Financials (USD)
Sales 2019 19 866 M
EBIT 2019 10 602 M
Net income 2019 6 008 M
Debt 2019 29 370 M
Yield 2019 6,49%
P/E ratio 2019 17,1x
P/E ratio 2020 11,7x
EV / Sales2019 6,22x
EV / Sales2020 6,08x
Capitalization 94 172 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 53,41  $
Last Close Price 50,41  $
Spread / Highest target 34,9%
Spread / Average Target 5,94%
Spread / Lowest Target -12,7%
EPS Revisions
Managers
NameTitle
Howard A. Willard Chairman, CEO, COO & Executive Vice President
William F. Gifford Vice Chairman & Chief Financial Officer
George Muñoz Independent Director
Thomas F. Farrell Independent Director
Dinyar S. Devitre Independent Director
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