Lorillard Reports Q1 Earnings of $248 million

Lorillard Inc LO reported its Q1 earnings at $248 million, or $1.71 per share, compared with $232 million, or $1.50 per share, in the year-earlier period. However, analysts were expecting a profit of $1.57 per share. The company's net sales increased 13% to $1.54 billion. The company's gross margin surged to 35.4% from 35.1%. Domestic shipments increased 9.4% and Newport shipments rose 8%. LO shares gained 0.39% to close at $99.60 yesterday. Read more from Benzinga's Company news.