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Altria is seeing illegal electronic vaping devices smoke out part of its customer base.
CFO Sal Mancuso says on a call with analysts that cigarette industry volumes were down even more than usual in the third-quarter. Part of that was because of inflation and economic factors weighing on customers, he said, but illegal flavored disposable e-cigarettes also played a major role.
Mancuso says the company is estimating that there is more movement across categories than previously believed, and that e-cigarettes are causing a decline in cigarette industry volumes of 1.5% to 2.5%.
Shares fall 7.2% to $39.76.
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