Lorillard Reports $259 Million Profit, Beats Estimates (LO)

Greensboro, North Carolina-based cigarette manufacturer Lorillard, Inc. LO announced on Monday morning that it beat consensus Wall Street estimates. Lorillard, Inc reported that its 4th quarter net income rose to $259 million, or $1.74 per share, up from $242 million, or $1.52 per share, a year earlier. Lorillard, Inc reported net sales excluding excise taxes of $1.02 billion, up from $932 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.67 per share, on sales of $1 billion. Lorillard, Inc. (LO) closed the previous trading day at $75.00 per share. Analysts covering the company's stock give it a consensus price target of $90.83 per share. Chairman, President and Chief Executive Officer Murray S. Kessler said, "Lorillard continued to fire on all cylinders during the fourth quarter leading to record annual results in net sales, net earnings, earnings per share and retail market share. Based on our current strategic review process, which is well under way, I remain confident in the Company's future and its ability to deliver a double digit shareholder return over the long-term." Lorillard, Inc is the third largest manufacturer of cigarettes in the United States and the oldest continuously operating tobacco company in the U.S. Read more from Benzinga's Company news.