Sign in
Emma Rumney

Emma Rumney

Research Analyst at Reuters

London, GB

Emma Rumney is an Alcohol and Tobacco Correspondent at Reuters, with a specialization in reporting on the global alcoholic beverages and tobacco industries as well as conducting data-driven investigations. She has covered major publicly traded companies within these sectors and previously reported on equities and banking for Reuters, demonstrating expertise in corporate finance and market trends. Rumney began her career in journalism covering a range of financial services topics before moving to Reuters, where she advanced from data investigations to sector-specific correspondent roles. While she is widely respected for her investigative rigor and sector knowledge, there is no publicly available data on her financial performance metrics or industry-specific analyst credentials, indicating her role is editorial rather than investment advisory.

Emma Rumney's questions to ALTRIA GROUP (MO) leadership

Question · Q2 2025

Emma Rumney asked for specifics on which parts of Altria's business are affected by the increased tariff costs mentioned in the guidance, given nJoy is not currently on the market. She also inquired if the tariff impact was material enough to trigger price increases or supply chain changes and asked about mitigating future tariffs on nJoy.

Answer

CFO Sal Mancuso clarified that tariffs are not material to the overall business but have been factored into guidance. He explained the impact is felt in the supply chain on items like direct materials and packaging (e.g., tin cans, foil liners). He stated the company constantly evaluates its supply chain for optionality but the current tariff impact is not material enough to force specific changes, and they have flexibility for nJoy's future supply chain.

Ask follow-up questions

Question · Q1 2025

Emma Rumney from Reuters inquired about the impact of tariffs on consumer sentiment, the specific tariff assumptions in Altria's guidance, and any positive signals from the administration regarding vape regulation and enforcement.

Answer

CFO Salvatore Mancuso said guidance considers tariffs, but the direct cost impact is limited due to a U.S.-focused supply chain, though they are monitoring consumer effects. CEO William Gifford added that Altria is hopeful the administration will prioritize both authorizing new products and enforcing rules against illicit vapes, viewing the removal of the proposed menthol ban as an early positive signal.

Ask follow-up questions

Question · Q4 2024

Emma Romney from Reuters asked about expectations for tobacco policy changes under a new administration, including the PMTA process and potential tariffs on vaping products, and how Altria might mitigate any impacts.

Answer

CEO William Gifford stated that Altria believes the regulatory system is broken and hopes to see the FDA become more expedient in authorizing legal products while enforcing against illicit ones. He affirmed support for the PMTA process to ensure standards. Regarding tariffs, Gifford noted Altria would have limited impact from potential tariffs on China, as the company utilizes alternative production facilities outside of China for its vaping products.

Ask follow-up questions

Best AI for Equity Research

Performance on expert-authored financial analysis tasks

Fintool-v490%
Claude Sonnet 4.555.3%
o348.3%
GPT 546.9%
Grok 440.3%
Qwen 3 Max32.7%