Reynolds American Inc. (RAI) reported that its first-quarter GAAP net income increased to $508 million or $0.92 per share, from $270 million or $0.47 per share, last year. Net sales decreased to $1.88 billion, from $1.93 billion last year. Adjusted profit per share was $0.72, up 14.3 percent from the prior-year quarter, as higher pricing and lower MSA expense more than offset cigarette volume declines and additional investments in innovations and brand-equity building, the company said.
On average, 12 analysts polled by Thomson Reuters expected the company to report profit of $0.69 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.92 billion for the quarter.
The company reaffirmed its 2013 adjusted profit per share guidance in the range of $3.15 to $3.30. Analysts expect the company toi report first-quarter profit per share of $3.20 on revenue of $8.30 billion.
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