Reynolds American 1Q profit tops Street, cigarette prices up

WINSTON-SALEM, N.C. (AP) — Reynolds American's first-quarter profit climbed, helped by increased cigarette prices. Its adjusted profit beat analysts' expectations.

The parent of the Camel and Pall Mall cigarette brands earned $389 million, or 73 cents per share, for the three months ended March 31. A year earlier it earned $363 million, or 67 cents per share.

Earnings, adjusted for non-recurring costs, were 86 cents per share.

The results beat Wall Street's view. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.

Reynolds American said its performance also benefited from higher moist-snuff pricing.

Its revenue amounted to $2.06 billion in the period.

On Thursday, overseas tobacco seller Philip Morris International Inc. reported first-quarter results that topped analysts' estimates. The company also raised its full-year earnings forecast.