Jump to full article: Reuters, 2009-10-26
Intro: Newport cigarette maker Lorillard Inc (LO.N) posted a lower-than-expected quarterly profit as wholesalers cut back on cigarette inventories and the company offered more special promotions to spur sales.
Lorillard said on Monday third-quarter profit was $235 million, or $1.44 a share, compared with $237 million, or $1.38 a share, a year earlier. Per-share profit rose because of a decline in shares outstanding.
Analysts on average forecast $1.52 a share, according to Thomson Reuters I/B/E/S. . . .
Last week, Lorillard competitor Altria Group Inc (MO.N) posted lower-than-expected quarterly revenue as cigarette volume dropped 16.4 percent. [ID:nN17379270]
Another rival, Reynolds American, also saw volume fall more than expected.
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