(Reuters) - CHICAGO, July 25 - Tobacco company Reynolds
American Inc. posted a 13.6 percent drop in quarterly
profit on Wednesday, falling short of Wall Street forecasts due
to lower U.S. cigarette shipments.
Like other tobacco companies, Reynolds has seen its U.S.
cigarette business hit by higher taxes and payments to states
as part of the 1998 tobacco settlement. The company bought the
Conwood smokeless tobacco company last year to tap into the
smokeless tobacco market, which is growing while the U.S.
cigarette market shrinks.
Read more at Reuters.com Market News
American Inc. posted a 13.6 percent drop in quarterly
profit on Wednesday, falling short of Wall Street forecasts due
to lower U.S. cigarette shipments.
Like other tobacco companies, Reynolds has seen its U.S.
cigarette business hit by higher taxes and payments to states
as part of the 1998 tobacco settlement. The company bought the
Conwood smokeless tobacco company last year to tap into the
smokeless tobacco market, which is growing while the U.S.
cigarette market shrinks.
Read more at Reuters.com Market News
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