RICHMOND -- Lorillard Inc. said yesterday that its fourth-quarter profit fell as it experienced higher manufacturing costs and other expenses.
Wholesale cigarette shipments slipped about 4 percent for both the quarter and the year. Still, Lorillard said that its full-year decline was smaller than the 8.6 percent drop-off that was the industry average.
The company's earnings dropped 6 percent to $242 million, or $1.52 a diluted share. This narrowly beat the $1.51-a-share estimate of analysts surveyed by Thomson Reuters. These estimates usually take out one-time items.
Lorillard reported a profit of $258 million, or $1.53 a share, a year earlier.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement