Courtesy of Benzinga.
Reynolds American Inc (NYSE: RAI) reported a 22% drop in its first-quarter profit.
Reynolds American’s quarterly profit declined to $486 million, or $0.47 per share, versus $623 million, or $0.65 per share, in the year-earlier period. Its adjusted profit dropped to $0.63 per share from $0.64 per share.
Reynolds American’s revenue fell 2.9% to $1.93 billion. Analysts were expecting earnings of $0.65 per share on revenue of $1.98 billion.
For 2012, Reynolds American continues to projects adjusted profit of $2.91 to $3.01 per share.
RAI shares closed at $41.72 yesterday.
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