Reynolds American beats 2Q profit forecasts
WINSTON SALEM, N.C. (AP) — Reynolds American Inc. (RAI) on Tuesday reported second-quarter net income of $1.93 billion.
The Winston Salem, North Carolina-based company said it had net income of $3.38 per share. Earnings, adjusted for non-recurring gains, came to $1.02 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The parent of Camel and Pall Mall cigarette maker R.J. Reynolds posted revenue of $2.4 billion in the period.
Reynolds American expects full-year earnings in the range of $1.90 to $2 per share.
Reynolds American shares have increased 23 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has climbed 39 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