Jul
25Lorillard 2Q Net Sinks 8%, But Beats Expectations
Tagged Under : 2q Net, Net
Lorillard (LO) posted an 8% decline in second-quarter net income on Monday, but the cigarette maker’s results exceeded Wall Street’s expectations.
The Greensboro, North Carolina-based company said it earned $263 million, or $1.73 a share, last quarter, compared with $286 million, or $1.71 a share, in the year-earlier period. Revenue was flat at $1.52 billion.
The second-quarter results beat expectations from analysts, who forecasted EPS of $1.61 on $1.02 billion in revenue.
Shares of the maker of Newport and True cigarettes rose 1.6% to $77.50 in Monday’s premarkets. The company’s stock was down almost 5% on the year as of Friday’s close.
“We are extremely pleased with our performance for the second quarter of this year when considering the unique circumstances that affected the industry during the second quarter of last year,” CEO Martin Orlowsky said in a statement. “While there continue to be pressures exerted on the industry as a consequence of state excise tax increases, continued smoking restrictions, and the nature of the economy, we will continue to apply the same disciplined strategies to operating and improving our business as we have in the past.”
Lorillard said its wholesale shipments slipped 0.6% last quarter from the year before. Domestic retail market share came in at 12.8%.
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