R.J. Reynolds Tobacco Holdings
reported third-quarter earnings that topped analysts' estimates by a penny, in part because of the completion of a $225 million stock repurchase program.
The maker of Camel, Winston and Salem cigarettes earned $117 million, or $1.16 a share, up from $110 million, or $1.01 a share, in the year-ago third quarter. Eight analysts polled by
First Call/Thomson Financial
produced a consensus estimate of $1.15 a share.
Sales for the quarter rose 6% to $2.12 billion from $1.99 billion a year earlier.
For the full year, the company expects Reynolds Tobacco shipment volumes to fall about 1%. The company also forecast net income of $390 million to $400 million, or $3.85 to $3.95 a share. Analysts are expecting the company to earn $3.89 a share for the year.