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Cigarette Maker Lorillard's 2Q Profit Falls

Its shares rose 95 cents, or about 1.3 percent, to close at $77.25 Monday.

Lorillard is the last of the country's top tobacco companies to report its second-quarter results.

Last week, Altria Group Inc., owner of the nation's biggest cigarette maker â¿¿ Philip Morris USA â¿¿ said its net income grew 3.2 percent on lower costs and higher prices. Its volumes declined 10.2 percent.

Meanwhile, No. 2 Reynolds American said the cost of closing factories and changing its sales force helped send its net income down 9.5 percent. The number of cigarettes it sold fell 9.5 percent.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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