Wanting to quit
Read the rest of this entry ... (166 words left)
Read the rest of this entry ... (166 words left)
Read the rest of this entry ... (140 words left)
Read the rest of this entry ... (122 words left)
However, Lorillard, which separated from conglomerate Loews Corp (L.N: Quote, Profile, Research) in June, also continued to gain market share. Shares of the company, whose brands include
Net income fell 9 percent to $217 million, or $1.25 a share, in the second quarter from $239 million, or $1.37 a share, a year earlier.
Excluding one-time items, Lorillard earned $1.29 a share, below the analysts' average forecast of $1.36, according to Reuters Estimates. Goldman Sachs said the company had earned $1.32 a share before items.
Goldman analyst Judy Hong said the quarter was "not a stellar" one for the Lorillard. In a research note, she blamed the profit shortfall on higher-than-expected excise taxes and settlement expenses, but said the company's
Hong said she expected profits to improve in the second half of the year as the company benefits from price increases.
Big
Lorillard's sales rose 1.3 percent to $1.07 billion, above the $1.03 billion analysts had expected.
The Greensboro, North Carolina-based company credited the sales increase to higher average unit prices and higher net unit sales volume