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.... or NOT!!
August 3, 2004
R.J. Reynolds Earnings More Than Double
WINSTON-SALEM, N.C., Aug. 2 (AP) - R.J. Reynolds Tobacco Holdings, the nation's No. 2 cigarette maker, said Monday that it more than doubled its earnings in the second quarter.
R.J. Reynolds, which makes the Camel, Winston and Doral brands, said it earned $151 million, or $1.77 a share, for the quarter ended June 30, compared with $70 million, or 83 cents a share, in the comparable quarter a year ago.
Analysts surveyed by Thomson Financial expected earnings a share of $1.24.
Sales fell about 6 percent during the quarter to $1.35 billion, but R. J. Reynolds said it benefited from previously announced cost-savings and restructuring plans.
"Our second-quarter results demonstrate our success over the past year in strengthening our business and positioning the company for future growth," said Andrew Schindler, the executive chairman of Reynolds American Inc., the new company created by the merger completed last week with the nation's No. 3 cigarette manufacturer, the Brown & Williamson Tobacco Corporation.
The figures released Monday reflect Reynolds operations before the merger.
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