RJR Profit More Than Doubles in Quarter
- Share via
Reynolds American Inc., the No. 2 U.S. cigarette maker, said second-quarter profit more than doubled because it cut costs ahead of last week’s $3-billion acquisition of Brown & Williamson Tobacco Corp.
Net income climbed to $151 million, or $1.77 a share, from $70 million, or 83 cents, a year earlier, the Winston-Salem, N.C.-based company said. Sales fell 5.5% to $1.35 billion at the company, known as R.J. Reynolds Tobacco Holdings Inc. before the purchase.
The company’s shares, which began trading on the NYSE under the symbol RAI, rose $2.35 to $74.30.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
