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Lorillard Posts Rise in Third-Quarter Profit

Lorillard reports a rise in net third-quarter earnings amid an increase in wholesale shipments and a share repurchase program.
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NEW YORK (

TheStreet

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Lorillard

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(LO)

has reported a rise in third-quarter net earnings amid an increase in wholesale shipments and a share repurchase program.

The company said net earnings rose 16.6% to $274 million, or $1.81 a share, vs. $235 million, or $1.44 a share, the same time last year.

Lorillard said the increase in earnings per share includes a 14-cent benefit from the company's share repurchase program. Analysts on average were expecting earnings of $1.64 a share for the third quarter.

Net sales increased 10.4% to $1.567 billion, from $1.419 billion the same time last year.

The company said that during the quarter, domestic wholesale shipments increased 5.8% compared with the same period last year, and vs. a 0.8% decline in total industry domestic wholesale shipments.

Lorillard's third-quarter domestic retail market share increased by 1 share point from the year-ago period to 12.9% and brand Newport's domestic retail market share increased by 0.5 share points from the year-ago period to 10.8%.

Shares of Lorillard stock has risen by 3.9% to $87.31 in pre-market trading.

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-- Written by Andrea Tse in New York.

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