RJR Nabisco Holdings Corp. reported a 48%...
RJR Nabisco Holdings Corp. reported a 48% increase in third-quarter profit, even as the company took a $70-million charge to downsize its debt.
The tobacco and food producer said its income for the quarter ended Sept. 30 was $182 million, or 13 cents a share, compared to income a year ago of $123 million, or 7 cents a share. The $70-million charge is related to the repurchase and retirement of $551 million in high-cost debt.
Company growth spurted beyond the charge because of strong sales in the international tobacco and food businesses, the New York-based company reported. Sales for the quarter were $4.02 billion, up nearly 7% over last year’s third-quarter sales of $3.76 billion.
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