Lorillard Inc. (LO) reported that its first-quarter net income rose to $328 million or $0.86 per share, from $223 million or $0.57 per share last year. Adjusted net income increased to $251 million or $0.66 per share, from $229 million or $0.58 per share, last year.
Net sales were $1.58 billion, compared to $1.53 billion last year. Net sales increased $51 million or 3.3% due to net sales of electronic cigarettes of $57 million, partially offset by a decrease in net sales of cigarettes of $6 million.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit of $0.64 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.11 billion for the quarter.
For comments and feedback: editorial@rttnews.com