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Reynolds American beats Street estimates on higher prices
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- Staff Triad Business Journal
Reynolds American Inc. beat analyst expectations as it reported third-quarter earnings of $467 million, compared with $457 million in the same period a year ago, on the strength of higher prices.
The Winston-Salem-based tobacco company (NYSE: RAI), whose brands include Camel and Pall Mall, had revenue of $2.24 billion, up 5 percent from $2.14 billion in the year-ago quarter.
Excluding financing and transaction costs and other items, per-share earnings were 95 cents, up from 86 cents a year ago, according to the Wall Street Journal. Analysts polled by Thomson Reuters had, on average, predicted per-share earnings of 91 cents.
Reynolds is seeking to buy Greensboro-based competitor Lorillard Inc. (NYSE: LO) for $27.4 billion.
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