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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altria Group Inc | NYSE:MO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.14% | 43.76 | 44.14 | 43.63 | 44.00 | 11,811,917 | 00:58:42 |
Reynolds American Inc. on Tuesday lifted its earnings outlook for the year as its recent acquisition of Newport-cigarette maker Lorillard Inc. helped drive growth in the second quarter.
Reynolds said it now expects adjusted earnings of $1.90 a share to $2 a share, up from its previous range of $1.83 to $1.90 a share in earnings. Reynolds said it expects to narrow its range when it reports third-quarter earnings.
Reynolds also said it has lifted its dividend by 7.5% and plans to do a 2-for-1 stock split.
Reynolds recently completed its $25 billion acquisition of Lorillard, which brought Newport cigarettes, the second-largest U.S. cigarette brand, to its portfolio. Reynolds has said it plans to put more sales power behind the menthol brand.
The deal, which closed in June, makes Reynolds a more formidable challenger to U.S. leader Altria Group Inc. as it has struggled with diminishing demand for cigarettes alongside growth in the market for electronic cigarettes.
For the quarter ended June 30, Reynolds said its total cigarette volume increased 5.6%.
At its RJR Tobacco unit, which includes brands like Camel and Pall Mall, cigarette shipments were up 4.4%, benefiting from the inclusion of over two weeks of sales from the Newport brand.
RJR's market share, on a pro-forma basis, edged down 0.1 percentage point to 31.8%.
Overall, Reynolds posted earnings of $1.93 billion, or $3.38 a share, up from $492 million, or 92 cents a share, in the prior-year period.
Adjusting for charges related to the Lorillard deal and other items, per-share earnings were $1.02 a share, up from 89 cents a share a year earlier. Revenue grew 11% to $2.4 billion.
Analysts polled by Thomson Reuters projected 97 cents a share in earnings and $2.44 billion in revenue.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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