Reynolds American 1Q profit jumps 88 pct.
Reynolds American Inc. said its first-quarter profit jumped 88 percent as higher prices and lower expenses from a longstanding legal settlement offset a decline in cigarette sales. The nation’s second-biggest tobacco company earned $508 million, or 92 cents per share, for the quarter ended March 31, up from $270 million, or 47 cents per share, a year ago. Adjusted earnings were 72 cents per share. The maker of Camel, Pall Mall and Natural American Spirit cigarettes said revenue excluding excise taxes fell nearly 3 percent to $1.88 billion. Analysts polled by FactSet expected $1.91 billion.