Lorillard Second-Quarter Profit Rises 32 Percent
July 27, 2009 - 7:56 AMLorillard says its second-quarter profit climbed 32 percent to top Wall Street's expectations as it increased market share for Newport cigarettes.
The company earned $286 million, or $1.71 per share, for the period ended June 30. That's up from $217 million, or $1.25 per share, a year earlier.
Sales surged 42 percent to $1.52 billion from $1.07 billion on a significant rise in federal excise taxes.
Analysts forecast profit of $1.43 per share on revenue of $969.2 million.
Greensboro, N.C.-based Lorillard Inc. says Newport domestic retail market share rose 0.44 percentage points to 10.38 percent.
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