The nation second biggest tobacco company reported revenue, excluding excise taxes, of $2.16 billion, down from $2.18 billion a year ago. Wall Street predicted $2.22 billion in revenue.
Volumes for Camel fell more than 4 per cent and volumes for Pall Mall decreased 6 per cent. The brands account for more than 60 per cent of the company total cigarette volume. market, while Pall Mall market share grew 0.1 percentage points to 9.3 per cent.
part of the business and gives the combined company some breathing room even as people smoke fewer cigarettes every year. Reynolds Tobacco subsidiary shipped 8 per cent less cigarettes during the quarter, compared with an estimated decline of 5.5 per cent for the industry as a whole.
Earlier this month, Reynolds announced plans to buy Newport cigarette maker Lorillard Inc. for $25 billion. The tie up would create a formidable No. behind Richmond, Virginia based Altria Group Inc. It also creates a powerhouse in menthol cigarettes, which are becoming a bigger Nike Sportswear Windrunner Men's
7 per cent as higher prices offset cigarette declines
Its shares rose 28 cents to $56.95 in early trading Tuesday.
RICHMOND, Va. Reynolds American Inc. said Tuesday that its profit rose by 6.7 per cent in its second quarter as higher cigarette and smokeless tobacco prices helped to offset a decline in the number of cigarettes it sold.
Reynolds American also narrowed its 2014 adjusted earnings forecast to a range of $3.35 to $3.45 per share. Its previous outlook was $3.30 to $3.45 per share. Analysts polled by Pant Nike
Tobacco companies are also focusing on cigarette alternatives Nike T Shirts 2017
The Winston Salem, North Carolina based company said it earned $492 million, or 92 cents per share, in the period ended June 30, up from $461 million, or 84 cents per share, a year ago.
The number of Natural American Spirit cigarettes sold by its Santa Fe Natural Tobacco subsidiary grew nearly 8 per cent.
FactSet expect $3.35 per share.
such Nike Tech Fleece Pant 1.0 as snuff, chewing tobacco and electronic cigarettes as tax hikes, smoking bans, health concerns and social stigma make the cigarette business tougher.
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