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Reynolds American profit jumps but volume lags
Categories:
· Business
International:
· USA
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Source:http://www.marketwatch.com/,2009-10-28
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Higher pricing, cost cuts and growth in smokeless tobacco helped Reynolds American Inc. overcome cigarette-volume declines and push its third-quarter profit higher, the company said.
Reynolds earned $362 million, or $1.24 a share, up 72% from $211 million, or 72 cents, in the year-earlier quarter. Excluding one-time charges in the year-ago period, adjusted earnings were down at $1.24 a share from $1.29.
Sales slipped to $2.15 billion from $2.27 billion as cigarette volume fell 11%.
The average estimate of analysts polled by FactSet Research had been profit of $1.18 a share on revenue of $2.19 billion.
"Reynolds American's third-quarter results reflect continued improvement in the company's operating businesses, despite the year's many challenges," Chief Executive Susan Ivey said in the earnings report. "This year has been marked by unprecedented increases in excise taxes on tobacco products, an extremely weak economy and intense competitive activity."
Looking ahead to the full year, the Winston-Salem, N.C., firm said it now expects to earn $4.60 to $4.70 a share on an adjusted basis, vs. a previous estimate of $4.40 to $4.60 and Wall Street's view of $4.59. Those estimates exclude possible charges for trademark impairments but include 40 cents a share of additional pension expense.
Shares of Reynolds American were down 0.7% at $48.70 in recent action. |
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Tobacco Hot news and Information.
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Syria bans smoking in public places
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Source: http://www.khaleejtimes.com/,2009-11-16 |
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President Bashar al-Assad has issued a decree banning smoking in a wide range of public places such as cafes and restaurants, official news agency SANA reported on Monday.
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Research and Markets: Tobacco in Sweden
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Source: http://www.sunherald.com/,2009-11-08 |
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Research and Markets (http://www.researchandmarkets.com/research/577bcb/tobacco_in_sweden) has announced the addition of the "Tobacco in Sweden" report to their offering.
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British American tobacco reports strong sales
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Source: http://www.khaleejtimes.com/,2009-11-05 |
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British American Tobacco, maker of Lucky Strike and Kent cigarettes, said Wednesday that sales strengthened in the first nine months of the year thanks to a string of acquisitions.
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