WINSTON SALEM, N.C. (AP) — Reynolds American Inc. says its profit rose by 6.7 percent in its second quarter, topping analysts' expectations.
The Winston Salem, North Carolina-based company said earnings increased to $492 million, or 92 cents per share, from $461 million, or 84 cents per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring gains, were 89 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 87 cents.
The company reported revenue of $2.16 billion, up from $2.18 billion a year ago. Wall Street predicted $2.22 billion in revenue.
Reynolds American narrowed its 2014 adjusted earnings forecast to a range of $3.35 to $3.45 per share. Its previous outlook was $3.30 to $3.45 per share. Analysts polled by FactSet expect $3.35 per share.