Lorillard Q2 Profit Drops - Quick Facts

(RTTNews) - Cigarette maker Lorillard, Inc. (LO), which is being acquired by Reynolds American Inc. (RAI), Wednesday said second-quarter net income dropped to $300 million from $313 million in the prior year. Earnings per share were flat with last year at $0.83.

Adjusted earnings were $0.84 per share compared to $0.81 last year. On average, 8 analysts polled by Thomson Reuters expected earnings of $0.89 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales slipped to $1.799 billion from last year's $1.804 billion. Analysts expected revenues of $1.34 billion.

"Lorillard continued to deliver industry-leading cigarette operating and market share performance in the second quarter and for the first half of 2014, while also making a significant investment to expand blu eCigs in the U.K.," said Murray Kessler, Lorillard Chairman, President and CEO.