Summary Box: Lorillard's 3Q profit rises

AP News
Posted: Oct 25, 2010 9:12 AM
Summary Box: Lorillard's 3Q profit rises

THE RESULTS: Lorillard Inc.'s net income rose more than 16 percent to $274 million, or $1.81 per share, for the quarter ended Sept. 30. The maker of Newport and Maverick cigarettes reported revenue excluding excises taxes increased 12.6 percent to $1.07 billion.

CIGARETTES SOLD: Grew 5.8 percent to more than 10 billion cigarettes on gains of 2.9 percent from its Newport menthol brand and increases of about 30 percent for lower-priced brands such as Maverick.

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BUCKING THE TREND: Last week, rivals Reynolds American Inc. and Altria Group Inc. both reported selling fewer cigarettes.