Jump to full article: Reuters, 2007-04-30
Author: Jonathan Stempel Reuters
Intro: Loews Corp. said on Monday that first-quarter profit rose 42 percent, topping Wall Street estimates, helped by better-than-expected results from its insurance, tobacco and oil drilling units.
Net income at the New York-based conglomerate, which is run by the billionaire Tisch family, rose to $768.3 million from $541 million a year earlier. . . .
Profit at the Lorillard Inc. tobacco unit rose 26 percent to $188.7 million. Profit attributable to shareholders of Carolina Group, a tracking stock for Lorillard, rose to $1.08 per share from 86 cents. Analysts expected 98 cents.
Net sales rose 7 percent to $913 million. A December cigarette price increase and lower marketing costs offset higher litigation costs and a 0.9 percent decline in unit sales volume.
Lorillard Chief Executive Martin Orlowsky said on the call that U.S. market share rose to 9.95 percent from 9.62 percent a year earlier. Lorillard brands include Newport, Kent and True.
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