FILE – This file photo made Oct. 21, 2009, shows Camel cigarettes, a Reynolds American brand, in Philadelphia. Reynolds American Inc. on Tuesday, April 23, 2013, reported that higher prices and lower expenses offset a decline in cigarette sales during the first quarter. AP Photo/Matt Rourke, File)
RICHMOND, Va. (AP) — Reynolds American Inc. said Tuesday that its first-quarter net income 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, beating Wall Street expectations by three cents. That excludes a benefit of 21 cents per share in credits for disputed payments under the 1998 Master Settlement Agreement in which some cigarette makers are paying states for Login to read more