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RICHMOND, Va. (AP) — Cigarette maker Reynolds American Inc. sold fewer cigarettes but recorded 72 percent higher profit than in last year's third quarter, when restructuring costs and the falling value of its trademarks dampened its earnings.

Tax increases and the tough economy cut the volume of cigarettes shipped by the maker of Camel, Pall Mall and Natural American Spirit by 11 percent. But the nation's second-biggest cigarette company raised its full-year profit outlook based in part on its quarterly performance, according to numbers released Thursday.

Reynolds American earned $362 million, or $1.24 per share, for the period that ended Sept. 30. That's up from $211 million, or 72 cents per share, a year earlier.

Analysts, who typically exclude one-time items, forecast profit of $1.17 per share, according to a Thomson Reuters poll. On that basis, Reynolds American earned $1.24 per share as well; that's 3.9 percent less than the $1.29 per share profit it reported a year earlier.

Reynolds' third-quarter results last year included $264 million in charges related to restructuring and revaluing of its trademarks.

Its shares fell 36 cents, or 0.7 percent, to $48.68 in afternoon trading Thursday.

Analysts are closely watching the industry's third-quarter reports for the first clear sense of cigarette volumes after a 62-cent-per pack federal tax increase took effect. Cigarette sales fell during the first half of the year before and after the April 1 change.

Winston-Salem-based Reynolds American said the quarter's revenue dipped 5 percent to $2.15 billion from $2.27 billion, missing Wall Street's $2.19 billion estimate.

The company estimated that its 11 percent drop in volume was better than the industry's overall decline, which it pegged at 12.6 percent. Camel lost 0.1 percentage point of market share in the U.S. and ended the quarter with 7.7 percent, according to data from Information Resources Inc. Pall Mall, which the company has been aggressively promoting, gained 2.3 points to end up with 5.0 percent of the U.S. market.

Like other tobacco companies, Reynolds is focusing on cigarette alternatives — such as snuff and chewing tobacco — for sales growth. Volumes increased in Reynolds' smokeless tobacco division, which makes Kodiak and Grizzly brand products, by 11.7 percent during the quarter.

The cigarette maker lifted its full-year profit outlook to a range of $4.60 to $4.70 per share from $4.40 to $4.60 per share.

Analysts predict profit of $4.59 per share for the year.