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· Business (Tobacco)
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· LTR
· Lorillard
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(Adds details on costs, sales)
Jump to full article: Reuters, 2008-04-28
Intro: Carolina Group, a tracking stock for Loews Corp's Lorillard Inc cigarette business, posted a lower quarterly profit on Monday, hurt by lower investment income and costs related to the proposed spin-off of Lorillard.
First-quarter net income fell to $171 million, or 98 cents per share, from $189 million, or $1.08 per share, a year ago.
Net sales rose to $921 million from $913 million a year ago, due mostly to price increases.
Selling, advertising and administrative expenses rose to $100 million from $82 million a year ago, due to costs related to the proposed spin-off of Lorillard from Loews and higher legal expenses.
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