Lorillard Q3 Profit Down On Expenses - Quick Facts

(RTTNews) - Lorillard Inc. (LO) reported that its third-quarter net income decreased to $258 million or $0.69 per share, from $283 million or $0.72 per share, last year. Adjusted net income for the quarter was $310 million or $0.83 per share.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.81 for the quarter. Analysts' estimates typically exclude special items. Net sales were $1.83 billion, compared to $1.66 billion, prior year. Cigarette net sales increased 7.1% to $1.76 billion from $1.65 billion prior year. The increase in cigarette net sales resulted primarily from higher cigarette unit sales volume and higher average net cigarette selling prices, the company said. Analysts expected revenue of $1.27 billion for the quarter.

Selling, general and administrative expenses were $211 million for the quarter, compared to $122 million, prior year.