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· Lorillard
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Jump to full article: PR Newswire, 2009-10-26
Intro: Highlights
* Net sales were $1.419 billion for the third quarter of 2009, compared to $1.125 billion for the third quarter of 2008. This includes a significant increase in federal excise taxes. Net sales excluding excise taxes were $953 million for the third quarter of 2009 compared to $936 million for the third quarter of 2008.
* Operating income increased 2.6% to $392 million, or 41.1% of net sales excluding excise taxes for the quarter, up 14% to $1.143 billion for the first nine months, compared to the 2008 periods.
* Earnings per diluted share was up 4.3%, to $1.44 for the quarter, and up 17.1% to $4.24 for the first nine months, compared to the 2008 periods.
* Total domestic industry wholesale shipments declined 12.6% versus Lorillard's 6.1% decline comparing the third quarter of 2009 with the third quarter of 2008. . . .
"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," noted Martin Orlowsky, Chairman, President and Chief Executive Officer. "We remain committed to Lorillard's core business strategy of balancing profitability with Newport's market share position and continue to return cash to shareholders, via the recent increase in our quarterly dividend and share repurchase program."
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