Reynolds American meets 3Q profit forecasts
WINSTON SALEM, N.C. (AP) — Reynolds American Inc. (RAI) on Tuesday reported third-quarter net income of $657 million.
The Winston Salem, North Carolina-based company said it had profit of 46 cents per share. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 55 cents per share.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 55 cents per share.
The parent of Camel and Pall Mall cigarette maker R.J. Reynolds posted revenue of $3.16 billion in the period.
Reynolds American expects full-year earnings in the range of $1.94 to $2 per share.
Reynolds American shares have climbed 54 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 1 percent. The stock has increased 61 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RAI at http://www.zacks.com/ap/RAI
Keywords: Reynolds American, Earnings Report, Priority Earnings