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Reynolds American 3Q Profit Up Nearly 7 Percent

Volume for its smokeless tobacco brands that include Grizzly and Kodiak rose nearly 7 percent compared with a year ago. Its share of the U.S. retail market grew 0.9 percentage points to 32.2 percent.

Reynolds American also kept its full-year adjusted earnings forecast in the range of $2.91 to $3.01 per share, which brackets analyst expectations.

During the quarter, the company said, it began previously announced test marketing in the Des Moines, Iowa, area of a nicotine gum under the Zonnic brand aimed at helping people stop smoking. In 2009, Reynolds bought Swedish company Niconovum AB, which makes nicotine gum, pouches and spray products. Zonnic is the first of its products to be sold in the U.S.

The company also said Tuesday it has begun limited distribution of its first electronic cigarette under the Vuse brand. The battery-powered plastic and metal devices that heat a liquid nicotine solution, creating vapor that users inhale.

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Michael Felberbaum can be reached at http://www.twitter.com/MLFelberbaum.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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