Lorillard Misses EPS Estimates by $0.08, Grows Revenue 26% (LO)

Mon. October 26, 2009; Posted: 09:05 AM

Oct 26, 2009 (SmarTrend(R) News Watch via COMTEX) -- LO | Quote | Chart | News | PowerRating -- 10/26/2009 - Lorillard (NYSE:LO) reported Q3 EPS of $1.44, missing consensus analyst estimates of $1.52. Revenues for the quarter rose 26% year-over-year to $1.42 billion, coming out ahead of consensus analyst estimates of $1.32 billion. Chairman, president and CEO Martin Orlowsky said, "Lorillard's overall performance during the third quarter of 2009 was positive in terms of its domestic wholesale shipments out-performing the industry compared to the third quarter of 2008. Additionally, Newport's domestic retail market share continued to grow despite a challenging marketplace . . . Both our financial and marketplace results were relatively strong recognizing difficult comparative factors affecting the third quarter of 2009 versus the third quarter of 2008. These factors included a reduction in wholesale inventory levels during the third quarter of 2009, greater levels of Newport promotional product in the market in the third quarter of 2008 and the general on-going effects of the federal excise tax increase that occurred as of April 1, 2009."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on The Lorillard Group (LO) click here. The Lorillard Group (LO) has Short Term PowerRatings of 5. Details on The Lorillard Group (LO) Short Term PowerRatings is available at This Link.

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