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Lorillard 3Q profit dips partly on higher expenses 

Cigarette maker Lorillard Inc. said Monday that its third-quarter profit dipped 1 percent, pinched by higher expenses and consumers tightening their spending.

The maker of Newport menthol cigarettes earned $235 million, or $1.44 per share, for the three months ended Sept. 30. That's down from $237 million, or $1.38 per share, a year ago.

The per share discrepancy is a result of fewer shares outstanding in the current quarter.

Lorillard, whose other brands include Kent, True and Maverick, said revenue climbed 26 percent to $1.42 billion from $1.13 billion on higher prices, offset by selling fewer cigarettes and spending more on promotions. Excluding excise taxes, revenue grew 2 percent to $953 million from $936 million.

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