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· Agricultural
· Business (Tobacco)
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· LTR
· Lorillard
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Jump to full article: Reuters, 2004-02-12
Author: Jessica Wohl
Intro: Loews Corp. (NYSE:LTR) on Thursday said fourth-quarter profit fell at its cigarette operations as the maker of Newport and other brands spent more to promote its products and net sales dropped.
Carolina Group (NYSE:CG) tracks the results of Loews' Lorillard Inc., the No. 4 U.S. cigarette maker. Loews said Carolina's net income, after deducting profits attributed to Loews, was $34.8 million, or 74 cents per share, compared with $36.9 million, or 92 cents per share, a year earlier.
Analysts had expected 63 cents to 68 cents per share . . .
"Tobacco has been threatened by deep discounters. Lorillard is disadvantaged because it is small and lacks merchandising power, but is advantaged because Newport has a strong niche position as a menthol brand, and deep discounters haven't moved into that area," said Christophe Razaire, senior credit officer, Moody's Investors Service
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