Reynolds American (RAI) Misses Q3 EPS by 4c; Tightens FY EPS Range
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Reynolds American (NYSE: RAI) reported Q3 EPS of $0.61, $0.04 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $3.21 billion versus the consensus estimate of $3.31 billion.
Reynolds American tightens its FY2016 EPS to $2.27-$2.33, versus the consensus of $2.32.
"We have completed a very successful first nine months for RAI, with excellent operating performance at all of our reportable business segments," said Susan M. Cameron, president and chief executive officer of RAI. "Newport's and Natural American Spirit's continued strong marketplace performance, along with higher pricing and productivity improvements, helped drive further growth in RAI's third-quarter earnings and margin."
A highlight of the quarter was RAI's selection to the Dow Jones Sustainability North America Index for the eighth time. "We understand that with the growth of our companies' businesses, there is an increased expectation that we will continue to lead the transformation of our industry, and that we will champion sustainable business practices," Cameron said. "These efforts are crucial for our long-term success, and I'm especially proud that this year RAI attained the Dow Jones Sustainability World Index designation for the top-performing tobacco company worldwide for the first time."
Cameron said that RAI Innovations Company and its subsidiaries are making progress on the mission to redefine the vapor category with the development of leading-edge products. "As part of R.J. Reynolds Vapor Company's work on a variety of vapor platforms, the company plans to expand the availability of VUSE VIBE, a high-volume cartridge and closed-tank system with a rechargeable battery, later this year," she said. "VIBE offers more liquid than previous VUSE products, as well as a stronger and longer-lasting battery. VIBE is designed to hit the sweet spot that adult vapers tell us they want, and that's the ease of use of a cigalike product combined with the performance of a tank system."
For earnings history and earnings-related data on Reynolds American (RAI) click here.
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