R.J. Reynolds Profit Soars 72% on Cost Cuts
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R.J. Reynolds Tobacco Holdings Inc., the second-largest U.S. cigarette maker, said first-quarter earnings surged 72%, helped by reduced costs and increased shipments of full-price brands.
Net income had its biggest gain in more than a year: It rose to $122 million, or $1.43 a share, from $71 million, or 84 cents, a year earlier. Sales were unchanged at $1.22 billion, the Winston-Salem, N.C.-based company said. Sales had fallen the previous five quarters.
Shares of R.J. Reynolds rose $2.64 to $61.82 on the New York Stock Exchange.
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