RJR Profit More Than Doubles in Quarter

Reynolds American Inc., the No. 2 U.S. cigarette maker, said second-quarter profit more than doubled because it cut costs ahead of last week’s $3-billion acquisition of Brown & Williamson Tobacco Corp.

Net income climbed to $151 million, or $1.77 a share, from $70 million, or 83 cents, a year earlier, the Winston-Salem, N.C.-based company said. Sales fell 5.5% to $1.35 billion at the company, known as R.J. Reynolds Tobacco Holdings Inc. before the purchase.

The company’s shares, which began trading on the NYSE under the symbol RAI, rose $2.35 to $74.30.