R.J. Reynolds Tops Estimates, Even as Tobacco Shipments Decline

R.J. Reynolds (RJR Quote) beat analysts' first-quarter expectations by a penny, as higher interest income and share repurchase programs helped offset the fact that the company's tobacco shipment volume fell 6.6% from the same period last year.

The company posted income of $100 million, or 98 cents a share, for the latest first quarter, up from earnings of $79 million, or 76 cents a share, in the same period a year ago. According to Thomson Financial/First Call, analysts expected the company to earn 97 cents. Sales rose 2% to $1.95 billion from $1.90 billion. ...