WINSTON SALEM, N.C. (AP) — Reynolds American Inc. (RAI) on Wednesday reported first-quarter earnings of $780 million.
The Winston Salem, North Carolina-based company said it had profit of 55 cents per share. Earnings, adjusted for non-recurring costs, came to 56 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The parent of Camel and Pall Mall cigarette maker R.J. Reynolds posted revenue of $2.95 billion in the period. Its adjusted revenue was $1.97 billion.
Reynolds American shares have increased 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 7 percent. The stock has risen 31 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RAI at https://www.zacks.com/ap/RAI
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Keywords: Reynolds American, Earnings Report, Priority Earnings