RICHMOND, Va. (AP) – Cigarette maker Reynolds American Inc. says its fourth-quarter profit fell 49 percent on pension charges and other costs.
The nation’s second-biggest tobacco company said Tuesday it earned $148 million, or 28 per share, in the period ended Dec. 31, compared with $292 million, or 54 cents per share, a year ago.
Adjusted earnings were 87 cents per share, meeting Wall Street expectations, according to Zacks Investment Research.
Reynolds American said its revenue excluding excise taxes increased more than 5 percent to $2.13 billion on higher cigarette and smokeless tobacco prices.
The maker of Camel and Pall Mall cigarettes said the number of cigarettes sold by its R.J. Reynolds Tobacco subsidiary fell about 5 percent during the quarter to 14.9 billion, compared with an industry decline of 2 percent.