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Apr-30-2008Reynolds American volume declines; cuts outlook(topic overview)
CONTENTS:
- Reynolds American Inc.' s first-quarter net income jumped 54% on a gain from its dissolved joint venture with Gallaher Ltd. as Reynolds cut its 2008 earnings forecast in light of weakening cigarette volumes. (More...)
- Reynolds American Inc.' s (RAI) first-quarter net income rose to $505 million, or $1.71 a share, from $328 million, or $1.11 a share, a year earlier, boosted by a $328 gain from the termination of its Gallaher joint venture. (More...)
- Camel Snus, R.J. Reynolds' first effort to broaden Camel's appeal beyond cigarettes, is on track for a second-quarter expansion to nine additional major markets across the United States. (More...)
- Excluding the income from the Gallaher payment, Reynolds had diluted earnings of $1, down 11 cents from a year ago. (More...)
- Higher prices for the company's top-selling Camel and Kool cigarettes and smoking bans hurt first-quarter earnings. (More...)
- Cost of products sold during the quarter decreased to $1.16 billion from $1.18 billion in the year-earlier quarter. (More...)
- "With the continuing growth of Grizzly and the new styles we're launching nationally, we expect Conwood to post another year of strong growth." (More...)
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Reynolds American Inc.' s first-quarter net income jumped 54% on a gain from its dissolved joint venture with Gallaher Ltd. as Reynolds cut its 2008 earnings forecast in light of weakening cigarette volumes. The second-largest U.S. tobacco company and Camel and Kool cigarette maker posted net income of $505 million, or $1.71 a share, compared. [1] Reynolds American Inc., based in Winston-Salem, said Wednesday its first-quarter profits rose 54 percent to $505 million, or $1.71 a share. That was up from $328 million, or $1.11 a share, during the same period last year. The company said the higher earnings were driven by a $328 million pre-tax gain related to its decision to end a joint venture with Gallaher Limited, a British tobacco company that joined with Reynolds in 2002 to market American-blend cigarettes in Europe.[2]
Net income at the Winston-Salem-based company rose to $505 million (324.97 million), or $1.71 (1.10) a share, in the January-March period from $328 million (211.07 million), or $1.11 (.71) a share, a year ago. Its results included a $328 million (211.07 million) pretax gain from termination of a joint venture. Excluding the gain, its profit fell 10.1 percent to $295 million (189.83 million), or $1 (.64) per share.[3] Excluding the $328 million (210.65 million) pretax gain from the joint venture termination, profit at the second-largest U.S. tobacco company fell 10.1 percent to $295 million (189.45 million), or $1 per share. That is below the average analyst forecast of $1.15 a share as measured by a survey by Thomson Financial.[4]
Operating income for the quarter was $36 million, compared to $35 million in the corresponding quarter of the previous year. Citing current environment challenges, the company lowered its full year 2008 forecast. Excluding the gain from the joint venture, the company now expects to report earnings in line with its 2007 adjusted results. Previously, the cigarettes maker expected to deliver mid-single-digit earnings per share percentage growth in 2008, up from its 2007 adjusted earnings of $4.57 per share.[5] The company also announced at $350 million share buyback program. Reynolds said in light of a weaker-than-expected first quarter, it cut its full-year forecast and now expects 2008 earnings, excluding the joint venture gain, to be consistent with the prior year.[6] Conwood continued to deliver strong moist-snuff volume and share gains. Continuing its focus on returning shareholder value, RAI also announced a $350 million share repurchase program. In light of a weaker- than-expected first quarter, RAI revised its full-year forecast and now expects 2008 earnings, excluding the JV gain, to be consistent with the prior year.[7]
"Reynolds American's operating companies continued to post gains on key cigarette and smokeless tobacco brands in the first quarter, with R.J. Reynolds' growth brands gaining half a share point and Conwood continuing to post double-digit volume growth," said Susan M. Ivey, RAI's chairman and chief executive officer. "However," she said, "above-average cigarette declines on R.J. Reynolds' non-growth brands and an adjustment to settlement expense were among the factors that drove first-quarter adjusted earnings lower than the prior-year period."[7] Expectations of a share repurchase had been building among analysts and investors for nearly a year. "This share repurchase reflects our commitment to our shareholders, and it demonstrates our continuing confidence in the long-term strength of our businesses," Susan Ivey, the chairwoman and chief executive of Reynolds, said in a statement. "Reynolds American's operating companies continued to post gains on key cigarette and smokeless tobacco brands in the first quarter, with R.J. Reynolds' growth brands gaining half a share point and Conwood continuing to post double-digit volume growth,'' she said.[8]
R.J. Reynolds' growth brands - Camel, Kool and Pall Mall - represented about 45 percent of the company's first-quarter volume. These brands posted a combined share gain of 0.5 percentage points from the prior-year period, with a first-quarter share of 13.2 percent. That performance was driven by continued growth of Camel and Pall Mall, and a slight decline on Kool. During the first quarter, Camel launched updated packaging and smoother blends for its core styles.[7]
Excluding the gain from the joint venture, we now expect to deliver earnings in line with our 2007 adjusted results." Adams said that R.J. Reynolds is taking steps to address factors that contributed to its weak volume in the first quarter and expects to improve its performance through the balance of the year. "R.J. Reynolds is making adjustments to ensure that its brands are more competitive, while also remaining focused on improving profits through increased efficiency," he said.[7] Earnings, on an adjusted basis, dropped 9.9% to $1.00 per share from the first quarter of 2007, as higher cigarette pricing was more than offset by a number of factors that lowered R.J. Reynolds' volume.[5] Its adjusted earnings were weaker than expected, hurt by above-average cigarette declines on R.J. Reynolds' non-growth brands and an adjustment to settlement expense. The company announced $350 million share repurchase program and revised down its full year forecast.[5] The results lagged Wall Street estimates for earnings of $1.15 (.74) per share on $2.15 billion (1.38 billion) of sales, according to analysts polled by Thomson Financial. Those forecasts usually exclude one-time items. "Its obvious that our first-quarter performance was weaker than expected and that our efforts to improve promotional efficiency and increase margins were not in sync with the economic and competitive environment," said Daniel M. Delen, R.J. Reynolds president and chief executive.[3] Nine analysts surveyed by Bloomberg expected an average profit of $1.15 a share. "It's obvious that our first-quarter performance was weaker than expected and that our efforts to improve promotional efficiency and increase margins were not in sync with the economic and competitive environment,'' R.J. Reynolds Chief Executive Officer Daniel Delen said in the statement. Reynolds said it will buy back as much as $350 million of its shares.[9]
R.J. Reynolds' volume and share were also affected by: -- a significant increase in competitive discounting and promotion at a time when R.J. Reynolds tested programs to increase the company's promotional efficiencies; -- higher-than-industry-average price increases the company took on certain brands; -- a lower level of wholesale inventory compared with the prior-year quarter; and -- the company discontinuing a number of lower-priced, low-margin brands. "It's obvious that our first-quarter performance was weaker than expected and that our efforts to improve promotional efficiency and increase margins were not in sync with the economic and competitive environment," said Daniel M. Delen, R.J. Reynolds' president and chief executive officer. "We are adjusting our programs to make sure that our brands are competitive in the marketplace," he said.[7]
R.J. Reynolds' first-quarter operating income of $415 million fell 15.0 percent from the prior-year quarter as an 11.8 percent decline in the company's shipment volume and an adjustment to MSA expense more than offset the impact of higher pricing.[7] After significant first- quarter investments to launch new styles and further drive Conwood's growth, the company's operating income of $81 million was up 1.9 percent from the year-ago quarter. Operating margins of 48.8 percent were down from the prior- year quarter, due to these investments.[7] Grizzly Snuff will be available nationwide in the second quarter, and Grizzly Wintergreen Pouch is scheduled to be national in the third quarter. "We're exceptionally pleased with the performance of these new Grizzly styles," said William M. Rosson, Conwood's president and chief executive officer. "Their results to date confirm our belief that these products will further add to Grizzly's growth." Rosson said he was also pleased with the performance of Kodiak, the company's leading premium brand. "We've taken steps to make Kodiak more competitive in the marketplace, and that translated into volume growth of almost 2 percent compared with last year's first quarter," he said.[7] Introduced as a value brand in 2001, Grizzly posted a first-quarter share of 22.1%, up 1.6 share points from last year, led by the recent launch of two new Grizzly styles, Snuff and Wintergreen Pouch. All Other segment fetched first quarter net sales of $103 million, higher than $86 million reported in the prior year quarter.[5] The maker of Camel cigarettes and Grizzly smokeless tobacco said profit rose to $505 million, or $1.71 a share, in the first quarter from $328 million, or $1.11 a share, a year earlier.[10]
CHICAGO, April 30 (Reuters) - Reynolds American Inc (RAI.N: Quote, Profile, Research ) posted weaker-than-expected first-quarter profit on Wednesday due to declines in sales of cigarette brands on which it focuses less marketing and pressure from competitors amid the weak U.S. economy. The maker of Camel cigarettes and Grizzly smokeless tobacco also cut its full-year profit forecast, citing the challenging economic environment. Its shares fell as much as 8 percent to a two-year low.[11] April 30 (Bloomberg) -- Reynolds American Inc., the second- largest U.S. tobacco company, said full-year profit would be lower than previously forecast after first-quarter earnings missed analysts' estimates.[9]
Reynolds American Inc.' s (RAI) first-quarter net income rose to $505 million, or $1.71 a share, from $328 million, or $1.11 a share, a year earlier, boosted by a $328 gain from the termination of its Gallaher joint venture. [6] Reynolds American Inc. NYSE: RAI today announced a 54.1 percent increase in reported EPS for the first quarter of 2008, driven by a $328 million pre- tax gain related to the termination of the Gallaher Joint Venture.[7] The ending of a joint international venture enabled Reynolds American Inc. to post a 54 percent increase in net income in the first quarter, the company reported today.[8]
The Winston-Salem, North Carolina-based company's first quarter GAAP net income totaled $505 million, 54% jump from $328 million reported a year ago.[5] Net income increased to $505 million, or $1.71 a share, from $328 million, or $1.11, a year earlier, the Winston Salem, North Carolina-based company said today in a statement.[9]
The maker of Camel and Kool cigarettes said Wednesday it earned $505 million (324.32 million), or $1.71 a share in the January-Marh period. That was up from $328 million, or $1.11 a share, a year ago.[4]
Its shares fell more than 4 percent in morning trading. The maker of Camel and Kool cigarettes cited a challenging economic environment for cutting its forecast. It also announced a $350 million (225.23 million) share buyback program.[3] Reynolds fell 5.7 percent in New York trading, the steepest drop in almost four years. The cigarette maker said 2008 adjusted per-share earnings will be similar to last year's $4.57, down from its February forecast of $4.75 to $4.84.[9] Reynolds fell $3.27 to $54.58 at 10:05 a.m. in New York Stock Exchange composite trading, the biggest decline since May 2004. The shares declined 12 percent this year before today.[9] STOCK PERFORMANCE: Shares reached an all-time high of $72 in January, but slid 10.5 percent during the quarter. The stock fell to a new low of $57.12 earlier this month, and closed Friday's trading at $59.50.[12]
Introduced as a value brand in 2001, Grizzly posted a first-quarter share of 22.1 percent, up 1.6 share points from the prior-year period. That performance was aided by the recent launch of two new Grizzly styles - Snuff and Wintergreen Pouch - which are both being expanded nationally this year.[7] Gains on Grizzly, and Kodiak's improved performance, drove Conwood's total moist-snuff shipments up 1.2 share points to a first-quarter share of 26.9 percent.[7]
R.J. Reynolds' growth brands continued to deliver market-share gains, with a combined first-quarter increase of 0.5 share points.[7] Reynolds Chief Executive Susan Ivey said the company was disappointed in the results and the performance of R.J. Reynolds but added that it faced a number of challenges. "We are. continuing to see shifts between tobacco products and categories," she told analysts on a conference call, citing growth in such products as little cigars, roll-your-own cigarettes and moist snuff.[11] Conwood also sells and distributes a variety of tobacco products manufactured by Lane, Limited, including Winchester and Captain Black little cigars, and Bugler roll-your-own tobacco. -- Santa Fe Natural Tobacco Company, Inc. manufactures Natural American Spirit cigarettes and other additive-free tobacco products, and manages and markets other super-premium brands. -- R.J. Reynolds Global Products, Inc., directly or through others, manufactures, sells and/or distributes American-blend cigarettes, including Natural American Spirit, and other tobacco products to a variety of customers in selected markets outside the United States.[7]
R.J. Reynolds believes that some of that consumption decline reflected shifts to other cigarette channels and other tobacco products.[7]
The company's R.J. Reynolds Tobacco generated first quarter sales of $1.79 billion, down from prior year's sales of $1.91 billion.[5] Net sales for Reynolds products were $2.06 billion, down 4.2 percent from $2.15 billion during last year's first quarter.[2]
Quarterly net sales amounted to $2.06 billion, down 4.2% from previous year's sales of $2.15 billion, and surpassed five Wall Street analysts' consensus revenue estimate of $2.15 billion. Continuing its focus on returning shareholder value, Reynolds also announced a $350 million share repurchase program.[5] Reynolds CEO Susan M. Ivey said the company's board of directors has approved a share repurchase program of $350 million over the next 12 months. "As we work through the challenge of the current environment, Reynolds American remains committed to returning value to our shareholders, and our operating companies remain focused on growth strategies to deliver long-term success," she said.[2] The average earnings forecast was $1.15 a share by analysts surveyed by Zacks Investment Research. Reynolds said its board of directors has approved a share-repurchase program of $350 million during the next 12 months.[8]
On average, 8 analysts polled by First Call/Thomson Financial expected the company to report earnings of $1.15 per share for the quarter.[5] On a per share basis, GAAP earnings climbed 54.1% to $1.71 from $1.11 in the same quarter of last year.[5]
Excluding that gain, first-quarter adjusted earnings per share were down 9.9 percent, to $1.[2] While adjusted earnings were down about 10 percent, reported EPS was about 54 percent higher, due to a $328 million pre-tax gain from the successful termination of the Gallaher Joint Venture.[7] The most-recent quarter results factored in a $328 million pre-tax gain related to the termination of the Gallaher Joint Venture.[5]
Excluding the $328 million pretax gain from the payment by Gallaher Ltd., the tobacco manufacturer reported a nearly 10 percent decline in net income to $295 million, caused primarily by a 4.2 percent decline in sales to just more than $2 billion.[8] Net sales from Conwood Co. rose 7.7% to $167 million from $155 million last year, and segment income increased 1.9% to $81 million from $80 million in the same quarter of last year.[5] Adjusted net income for the latest quarter fell 10.1% to $295 million from last year.[5]
Selling, general and administrative expenses dropped to $382 million from $393 million last year, and Amortization expense fell to $5 million from $6 million incurred in the prior year quarter.[5]
First quarter operating income descended 11.8% to $506 million from $574 million in the comparable quarter of the previous year.[5] Reynolds said it will receive a $300 million benefit in the first quarter as compensation for a dissolved partnership with Gallagher Ltd. The companies had teamed up to market Reynolds brands in Italy, France and Spain. In March, rival and U.S. leader Altria Group Inc. completed the spinoff of its Philip Morris International business.[12]
R.J. Reynolds' first-quarter operating margin of 23.2 percent was 2.4 percentage points lower than the year-ago quarter, when the timing of promotional expense resulted in an unusually high margin. Delen said that R.J. Reynolds is intensely focused on getting its performance back on track. "It's clear that we had a difficult first quarter," he said, "and we're already taking steps to improve our marketplace results."[7] During the first quarter, R.J. Reynolds' premium-to-value price mix was 63.2 percent, an improvement of 1.2 points from the prior-year period.[7]
R.J. Reynolds' first quarter operating margin of 23.2% was 2.4 percentage points lower than the year-ago quarter, when the timing of promotional expense resulted in an unusually high margin.[5]
R.J. Reynolds' older, more price-sensitive consumers were disproportionately affected by ongoing economic pressures that included higher cigarette prices. That contributed to higher-than-normal cigarette volume declines in the first quarter.[7]
"However, above-average cigarette declines on R.J. Reynolds' non-growth brands and an adjustment to settlement expense were among the factors that drove first-quarter adjusted earnings lower than the prior-year period."[8] Excluding that gain, first-quarter adjusted EPS was down 9.9 percent, as higher cigarette pricing was more than offset by a number of factors that lowered R.J. Reynolds' volume.[7]
"The guidance downgrade. is due to an increasingly competitive environment in cigarette and smokeless," JP Morgan analyst Erik Bloomquist wrote in a research note. He has a "neutral" rating on the stock. Reynolds, which competes with Altria Group Inc's (MO.N: Quote, Profile, Research ) Philip Morris USA cigarette unit and UST Inc's (UST.N: Quote, Profile, Research ) smokeless tobacco businesses, said older, more price-sensitive customers of its R.J. Reynolds tobacco unit were disproportionately hurt by economic pressures that included higher cigarette prices.[11] Eckmann will be replaced by Jeffrey Gentry, an executive vice president with the company's largest subsidiary, R.J. Reynolds Tobacco Company.[12] NEW YORK -- Reynolds American Inc., the second-largest U.S. tobacco company, is scheduled to report its first-quarter results Wednesday.[12] Reynolds American will webcast a conference call to discuss first-quarter 2008 results at 9:30 a.m. Eastern Time on Wednesday, April 30, 2008.[7]
"Clearly, the first quarter was marked by a number of challenges that hurt our performance and have caused us to reassess our outlook for the year," said Thomas R. Adams, Reynolds American's chief financial officer.[7] CHICAGO, April 30 (Reuters) - Reynolds American Inc (RAI.N: Quote, Profile, Research ) posted a higher quarterly profit on Wednesday, helped by sales of smokeless tobacco.[10]
Overall, Hong wrote, the Winson-Salem, N.C., company's market share fell to 28.1 percent in March, from 29.3 percent in the same month of 2007. WHAT'S AHEAD: Reynolds says it is focusing on developing its Camel, Kool and Pall Mall brands, along with getting greater sales of "super premium products."[12] ANALYST TAKE: Goldman Sachs analyst Judy Hong said Reynolds' Camel brand took a slightly larger share of the market, but that was offset by weaker results of other brands. She said Reynolds implemented bigger price increases than its competitors did.[12]
OVERVIEW: Excluding one-time costs, the company's fourth-quarter profit of $1.15 per share met analyst estimates.[12] Adams said that RAI's confidence in the future is evidenced by the $350 million share repurchase that the board has approved. He said the company plans to use cash generated from operations to opportunistically repurchase shares during the next 12 months. "This approach allows us to maintain financial flexibility while returning value to shareholders," he said.[7] Ivey also noted that the RAI board of directors has approved a share repurchase program of $350 million during the next 12 months. "This share repurchase reflects our commitment to our shareholders, and it demonstrates our continuing confidence in the long-term strength of our businesses," she said.[7]
The repurchase plan represents about 6.05 million shares at yesterday's closing price of $57.85.[9]
Previously it had forecast a mid-single-digeit percentage increase from last years $4.57 (2.94) a share.[3]
Segment operating income declined 15% to $415 million from $488 million a year earlier, as 11.8% decline in the company's shipment volume and an adjustment to MSA expense more than offset the impact of higher pricing.[5] "The investments that Conwood is making to further strengthen brand performance are already beginning to pay off and position the company well for another year of solid growth," Adams said. "Conwood is a strong company with strong brands, and these investments will reinforce the company's ability to consistently deliver volume and earnings gains moving forward."[7] The company said it now expects earnings for the year, excluding the gain from the joint venture, to be in line with adjusted results from 2007.[3]
Resulting from the termination of the Gallaher Joint Venture, in April, the company received 40 percent of the total payment of euro265 million. That payment was euro106 million - or about $166 million.[7]
Even with one less shipping day than the prior-year period, Conwood's net sales were up 7.7 percent at $167 million.[7] The Winston-Salem, N.C., tobacco company said sales fell to $2.06 billion from $2.15 billion.[6]
The company's brands include five of the 10 best-selling cigarettes in the United States: Camel, Kool, Pall Mall, Winston and Doral. -- Conwood Company, LLC is the nation's second-largest manufacturer of smokeless tobacco products. Its leading brands are Kodiak, Grizzly and Levi Garrett.[7] Camel Snus, a smoke-free, spitless tobacco product that comes in a small pouch, is currently being tested in eight markets. With continued learning from this test, the company remains optimistic about the potential for this new product.[7]
The tough economy has not led many people to quit smoking, but it has resulted in more demand for deep-discount cigarettes and lower-priced products, Ivey said. That has benefited the company's Conwood smokeless tobacco business.[11]
"As we work through the challenges of the current environment," Ivey said, "Reynolds American remains committed to returning value to our shareholders, and our operating companies remain focused on growth strategies to deliver long-term success. "Reynolds American's operating companies manufacture and market a broad range of tobacco products," she said. "That product diversification provides flexibility to take advantage of shifting consumer preferences - as well as other emerging opportunities."[7]
Kool's first-quarter share of market was 3.1 percent. Pall Mall, a value-priced brand, continued to benefit from its position as a great product that lasts longer.[7] Due to declines on non-growth brands, the company's total market share of 28.0 percent was down 1.4 share points from the prior-year quarter.[7] The company's first-quarter volume decline was primarily driven by a 16.3 percent decline in the company's lower- margin, non-growth brands.[7]
Conwood grew at about twice the industry rate, with the company's Grizzly brand continuing to capture more than 40 percent of total category growth.[7] Moist-snuff category growth continued in the first quarter with a total industry volume increase of 5.5 percent - or about 7 percent after adjusting for one less shipping day in the current-year quarter.[7]
BP and Shell beat forecasts for first quarter earnings, partly due to sky-high oil prices.[3] All references in this release to "reported" numbers refer to GAAP measurements; all "adjusted" numbers are non-GAAP, as defined in schedule 2 of this release, which reconciles reported to adjusted results for the first quarter.[7]
Camel Snus, R.J. Reynolds' first effort to broaden Camel's appeal beyond cigarettes, is on track for a second-quarter expansion to nine additional major markets across the United States. [7] Camel Crush is a unique cigarette that uses R.J. Reynolds' technology to provide adult smokers with the option of changing each cigarette from regular to menthol by crushing a capsule in the filter. This technology has already been introduced in the Japanese market, where it has strong appeal.[7]
R.J. Reynolds' support brands include Winston, Salem, Doral, Capri and Misty.[7]
Excluding the income from the Gallaher payment, Reynolds had diluted earnings of $1, down 11 cents from a year ago. [8] Excluding a gain from the termination of a venture with U.K. -based cigarette maker Gallaher Group Plc, per-share profit was $1.[9]
Higher prices for the company's top-selling Camel and Kool cigarettes and smoking bans hurt first-quarter earnings. [9] Pall Mall's first-quarter share was up 0.2 percentage points from the prior-year quarter.[7] Several factors contributed to the company's overall share and volume declines.[7] "The case for U.S. tobacco sector outperformance has deteriorated, principally because we believe that U.S. cigarette-industry consumption will continue to decline at an above-trend rate ''' minus 4 percent ''' over the intermediate term," Morgan Stanley analysts David Adelman, Vincent Andrews and Eileen Khoo wrote in a report Tuesday. They said that there are three key reasons why cigarette volumes will likely remain weak.[8] Total cigarette industry shipment volume was down 3.3 percent from the prior-year quarter when excess wholesale inventory resulted in lower industry shipments.[7]
Cost of products sold during the quarter decreased to $1.16 billion from $1.18 billion in the year-earlier quarter. [5] Revenue dropped 4.2 percent to $2.06 billion (1.33 billion) from $2.15 billion (1.38 billion) in the previous year.[3] Revenue fell to $2.06 billion, less than the $2.15 billion analysts estimated.[9]
"With the continuing growth of Grizzly and the new styles we're launching nationally, we expect Conwood to post another year of strong growth." [7] Kool, the company's second premium-priced growth brand, has remained relatively stable in the highly competitive menthol marketplace.[7]
Retail Sales Leader Details:. nearly 200 countries and territories and generate sales at the retail level of about. variety of needs and preference -- from fun-for-you. world's premier consumer products company.[10] The company is also planning to increase sales of snuff and smokeless tobacco, and sales to international markets.[12]
SOURCES
1. Free Preview - WSJ.com
2. Reynolds American posts higher earnings with end to joint venture - The Business Journal of the Greater Triad Area:
3. Gain on end of joint venture boosts Reynolds Americans 1Q profit, cuts forecast for year - International Herald Tribune
4. Reynolds Americans profit climbs 54 pct in 1st-qtr on gain from termination of joint venture - International Herald Tribune
5. Reynolds American Q1 Profit Soars 54% On Gain; Lowers FY08 Forecast - Update [RAI] - RTTNews, Today's Top Stories, Global Newswires, ToDay's Top News,Global Business news .
6. Reynolds American 1Q Net Rises On Venture Gain
7. Reynolds American Inc. :: RAI CEO: 'Returning Value in a Challenging Time'
8. Reynolds posts strong quarterly increase
9. Bloomberg.com: Worldwide
10. Reynolds American 1st-quarter profit rises | Industries | Consumer Goods & Retail | Reuters
11. UPDATE 5-Reynolds American profit disappoints, stock dips | Reuters
12. Earnings Preview: Reynolds American to report 1Q results | Chron.com - Houston Chronicle
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