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News Summary: Reynolds American 3Q profit up

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The Associated Press | October 22, 2013 09:31 AM EST | AP


THE RESULTS: Reynolds American Inc.'s third-quarter profit rose about 9 percent to $457 million as higher prices and lower expenses from a legal settlement offset a decline in cigarette sales. The Winston-Salem, N.C., maker of Camel, Pall Mall and Natural American Spirit cigarettes said revenue, excluding excise taxes, increased about 1 percent to $2.14 billion

CIGARETTE DECLINES: The number of cigarettes sold by its R.J. Reynolds Tobacco subsidiary fell about 4 percent during the quarter to 16.7 billion. Volumes for Camel rose 4 percent and volumes for Pall Mall fell more than 2 percent. Both brands gained market share.

SMOKELESS TOBACCO: Volume for its smokeless tobacco brands that include Grizzly and Kodiak rose 7 percent compared with a year ago. The brands had a 33.4 percent share of the U.S. retail market, which is tiny compared with cigarettes.