WINSTON-SALEM, N.C. (AP) — Reynolds American Inc. on Tuesday reported second-quarter net income of $796 million.
On a per-share basis, the Winston-Salem, North Carolina-based company said it had net income of 56 cents. Earnings, adjusted for non-recurring costs, came to 58 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The parent of Camel and Pall Mall cigarette maker R.J. Reynolds posted revenue of $3.2 billion in the period.
Reynolds American expects full-year earnings in the range of $2.26 to $2.34 per share.
Reynolds American shares fell $1.57, or 3 percent, to $50.73 in morning trading Tuesday. Its shares have risen more than 27 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RAI at http://www.zacks.com/ap/RAI
Keywords: Reynolds American, Earnings Report, Priority Earnings