Reynolds American 4Q profit more than doubles
RICHMOND, Va. (AP) — Reynolds American Inc. says its fourth-quarter profit more than doubled as higher prices and lower legal expenses offset a decline in cigarette sales.
The nation's second-biggest tobacco company said Tuesday it earned $292 million, or 54 cents per share, for the quarter ended Dec. 31. That's up from $139 million, or 25 cents per share, in the year-ago period that included pension and trademark-related charges.
Adjusted earnings were 77 cents per share.
The Winston-Salem, N.C., maker of Camel and Pall Mall cigarettes said revenue excluding excise taxes fell about 2 percent to $2.04 billion.
Analysts expected higher earnings of 81 cents per share on revenue of $2.07 billion.
Its R.J. Reynolds Tobacco subsidiary sold about 9 percent fewer cigarettes. But Camel and Pall Mall both gained market share.