Lorillard Q3 Profit Up - Quick Facts

(RTTNews) - Cigarette maker Lorillard, Inc. (LO) said its third-quarter 2014 net income climbed to $289 million from $258 million last year. Reported earnings per share increased $0.11, or 15.9%, to $0.80 in the third quarter of 2014 compared with the third quarter of 2013.

Adjusted earnings per share were up by 8.4% to $0.90 in the third quarter of 2014, due to the strong operating performance in the Cigarettes unit and the impact of share buybacks in prior quarters. On average, 8 analysts polled by Thomson Reuters expected earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items. Adjusted per-share earnings exclude the favorable impacts of the settlement to resolve certain MSA payment adjustment disputes in the first nine months of 2014 and 2013 and the 2003 non-participating manufacturer arbitration award in the first nine months of 2014, charges for Engle Progeny and other smoking and health litigation and other special items.

Net sales increased 0.2% to $1.83 billion in the third quarter of 2014 due to a 1.6% increase in net sales of cigarettes, partially offset by a decrease in net sales of electronic cigarettes. Analysts estimated revenues of $1.33 billion.