UPDATE: Lorillard Reports 2.6% Decline In Q3 Net Income

Lorillard Inc LO reported a 2.6% drop in its Q3 net income. Lorillard's quarterly profit dropped to $267 million, from $274 million, in the year-ago period. Its earnings per share gained to $1.94 from $1.81 as shares outstanding dropped 9.6% to 137 million. Lorillard's sales climbed to $1.62 billion from $1.57 billion. However, analysts were expecting a profit of $2.03 per share. Lorillard shares gained 1.18% to $117.00 in pre-market trading.