Tobacco company Reynolds American 3Q profit up 9 per cent on higher prices, lower legal costs | iNFOnews | Thompson-Okanagan's News Source
Subscribe

Would you like to subscribe to our newsletter?

Current Conditions Mainly Clear  3.4°C

Tobacco company Reynolds American 3Q profit up 9 per cent on higher prices, lower legal costs

RICHMOND, Va. - Reynolds American Inc. says its third-quarter profit rose about 9 per cent as higher prices and lower expenses from a legal settlement offset a decline in cigarette sales.

The nation's second-biggest tobacco company earned $457 million, or 84 cents per share, for the quarter ended September 30, up from $420 million, or 74 cents per share, a year ago.

Adjusted earnings were 86 cents per share, matching Wall Street expectations.

The Winston-Salem, N.C., maker of Camel and Pall Mall cigarettes said Tuesday that revenue excluding excise taxes increased about 1 per cent to $2.14 billion, also matching expectations.

Its R.J. Reynolds Tobacco subsidiary sold 4 per cent fewer cigarettes. Camel and Pall Mall both gained market share.

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 penticton News
View Site in: Desktop | Mobile