Lorillard (NYSE:LO) announced that third-quarter net income increased by 6 percent due to higher pricing that offset a decline in cigarette sales. Net income was $283 million, or $2.16 per share, up from $267 million, or $1.94 per share, in the same period last year. Adjusted earnings were $2.17 per share, missing estimates of $2.23 per share. Revenue excluding excises taxes increased by 4.5 percent to $1.16 billion while analysts expected revenue of $1.2 billion.
Shares are higher by about six tenths of a percent.
Last week, rival Philip Morris (NYSE:PM) announced that third quarter earnings per share were $1.45, 5.8% higher than the same period last year, and beating estimates of $1.39.
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