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Cigarette maker Reynolds American 3Q profit falls about 4 pct on charges; adj. profit up 4 pct
Tobacco company Reynolds American says its third-quarter profit fell nearly 4 percent on charges related to legal cases and other costs.
But the nation's second-biggest tobacco company said Tuesday its earnings excluding those items rose nearly 4 percent as higher prices, productivity gains and smokeless tobacco gains offset cigarette volume declines.
The maker of Camel, Pall Mall and Natural American Spirit brand cigarettes says its net income fell to $367 million, or 63 cents per share, for the period ended Sept. 30. That's down from $381 million, or 65 cents per share, a year ago.
Adjusted earnings were 70 cents per share. Analysts expected 73 cents per share.
Revenue excluding excise taxes rose about 2 percent to $2.2 billion, beating analyst estimates for the Winston-Salem, N.C., company.