Lorillard Lags Sector, Misses Forecast
GREENSBORO, N.C. (
) --
Lorillard
(LO)
announced today that it posted lower-than-expected third-quarter profit, although its shipment orders were better than those of its rivals.
The maker of Newport cigarettes earned $235 million, or $1.44 a share, compared with $237, or $1.38 in the year-ago period. There were fewer shares outstanding in the current quarter.
Results missed expectations, as analysts expected the company to earn $1.52 a share.
Revenue climbed 26% to $1.42 billion from $1.13 billion -- although, excluding federal excise taxes issued earlier this year, revenue inched up just 2%.
Lorillard shipped 9.46 billion cigarettes during the quarter, down 6.3% from last year, but this was a significantly lower decline than the industry average of about a 12% drop.
Last week, rivals
Altria
(MO) - Get Free Report
,
Philip Morris International
(PM) - Get Free Report
and
Reynolds American
(RAI)
, all
beat Wall Street's outlook
and upped their full-year forecasts.
-- Reported by Jeanine Poggi in New York
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