UPDATE: Lorillard Reports Q2 Profit of $291M

Lorillard Inc LO reported a 10.7% rise in its second-quarter profit. Lorillard's quarterly profit surged to $291 million, or $2.05 per share, from $263 million, or $1.73 per share, in the year-earlier period. Its sales increased 11% y/y to $1.69 billion from $1.52 billion. However, analysts were expecting earnings of $2.02 per share on revenue of $1.21 billion. LO shares dropped 0.82% to close at $112.29 on Friday.