British American Tobacco (NYSE: BTI) reached a key goal in 2023 and it did it two years ahead of schedule. That's a good outcome for a company that is facing an existential crisis. As you watch this global cigarette maker, you need to keep in mind both the progress it is making in other areas of the company and the goals it has set for itself.

There's no question that British American Tobacco is facing tough times. This consumer staples maker's core business, selling cigarettes, is in decline. In 2018, it produced roughly 700 billion cigarettes. But over the following five years, or so, that fell to just 555 billion, a huge 21% decline. If that had happened at any other consumer staples, company investors would be running for the hills.

To be fair, British American Tobacco's stock is down more than 50% since its peak levels in 2017. So Wall Street is definitely shunning the shares. However, the stock has a huge 9.5% dividend yield, so there are likely a lot of dividend investors that are examining the company hoping to find a diamond in the rough. The interesting thing is that, despite the volume decline, British American Tobacco has been able to raise prices to offset the damage and, thus, sustain its huge dividend payment.

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Source Fool.com