Tobacco company Reynolds American 4Q profit falls on charges; adj earnings up 6 per cent | iNFOnews | Thompson-Okanagan's News Source
Subscribe

Would you like to subscribe to our newsletter?

Current Conditions Mainly Sunny  16.2°C

Tobacco company Reynolds American 4Q profit falls on charges; adj earnings up 6 per cent

In this Feb. 1, 2011 photo, Reynolds American Camel cigarettes appear on display with the new logo shown in center and right and older logo shown at left, at a liquor store in Palo Alto, Calif. Reynolds American Inc. reports earnings, Tuesday, Feb. 12, 2013. (AP Photo/Paul Sakuma)

RICHMOND, Va. - Reynolds American says its fourth-quarter net income fell 54 per cent on pension and trademark-related charges and other costs.

The nation's second-biggest tobacco company also said Tuesday that it sold fewer cigarettes and spent more promoting its brands.

The Winston-Salem, N.C., company, earned $139 million, or 25 cents per share, for the quarter ended Dec. 31, down from $304 million, or 52 cents per share, a year ago.

Adjusted earnings were 76 cents per share, beating Wall Street expectations by three cents.

The maker of Camel, Pall Mall and Natural American Spirit cigarettes says revenue excluding excise taxes fell slightly to $2.08 billion. Analysts expected $2.06 billion.

Reynolds American Inc. sold about 3 per cent fewer cigarettes. Volume for its smokeless tobacco brands that include Grizzly and Kodiak rose 7 per cent.

News from © The Associated Press, 2013
The Associated Press

  • Popular kelowna News
View Site in: Desktop | Mobile