(AP) — Reynolds American Inc. says its second-quarter net income rose 4 percent as higher prices and lower expenses from a legal settlement offset a decline in cigarette sales.
The nation's second-biggest tobacco company said Tuesday it earned $461 million, or 84 cents per share, for the quarter ended June 30, up from $443 million, or 78 cents per share, a year ago.
The Winston-Salem, N.C.-based maker of Camel, Pall Mall and Natural American Spirit cigarettes says revenue excluding excise taxes was flat at $2.18 billion.
Analysts expected earnings of 83 cents per share on revenue of $2.19 billion.
Its R.J. Reynolds Tobacco subsidiary sold 6 percent fewer cigarettes. Camel and Pall Mall both gained market share.
Volume for its smokeless tobacco brands that include Grizzly and Kodiak rose more than 9 percent.