March 27, 2019 / 8:30 AM / 4 months ago

BUZZ-Imperial Brands: Shares slip on weak outlook for tobacco sales

** Imperial Brands shares down as much as 1.6 percent at 2,532 pence in early London trading

** Co expects tobacco volumes to be slightly behind the second half of last year, hit by the phasing of trade inventories, including in the U.S., after recent price increases

** Co says H1 earnings would be hit by the reduction of its stake in Logista and last year’s sale of its other tobacco products business

** Jefferies: H1 organic sales were down 2.1 pct vs up 6 pct in H2 2018..”To this, given the tougher comp in H2 2019, company commentary around the shape of revenue delivery may cause some concern as to whether full-year targets are achievable”

** Co sees annual revenue at or above the upper end of guidance amid growing sales of its myblu e-cigarette despite a U.S regulatory clampdown

** Co says revenue to be at or above upper end of 1-4 pct guidance range, earnings expectations to be within 4-8 pct range (Reporting By Justin George Varghese in Bengaluru)

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