Reynolds American Misses Third-quarter Earnings, Revenue Expectations

Reynolds American missed third-quarter earnings and revenue expectations Wednesday. The company reported net income of $861 million, or 60 cents per share, up from $657 million, or 46 cents per share, in the year-earlier period. It reported adjusted earnings per share of 61 cents, below the FactSet consensus of 64 cents. Reynolds American reported revenue of $3.21 billion, up from $3.16 billion in the year-earlier period, but below the FactSet consensus of $3.31 billion. The company also announced it has named Debra A. Crew, current president and chief operating officer, as its chief executive starting January 1. Shares of Reynolds American have fallen 10% in the past three months, compared to the S&P 500's drop of 1%.