Before Wednesday’s opening bell, tobacco company Lorillard (LO ) reported higher financial results for its fourth quarter due to higher pricing of cigarettes.
LO’s Earnings in Brief
- LO reported net income of $327 million, or 91 cents per share, up from $281 million, or 76 cents per share, last year.
- Excluding special items, earnings were 93 cents per share, which matched analysts’ estimate.
- Revenue increased 1.4% to $1.77 billion from $1.74 billion last year. Analysts expected to see revenue of $1.29 billion.
Murray S. Kessler, Chairman, President and CEO, commented: “Lorillard finished the year in impressive fashion, delivering strong fourth quarter financial and operating results, marked by continued robust cigarette pricing realization, the 12th consecutive year of market share gains and tight cost controls – resulting in 13% adjusted earnings per share growth in the quarter and almost 8% in the full year. Once again, Lorillard shareholders were rewarded with another year of double-digit total shareholder returns as measured by EPS growth and the dividend yield.”
LO paid its most recent 61.5 cent quarterly dividend on December 10. We expect the company to declare its next dividend in the coming weeks.
Shares of LO were mostly flat during pre-market trading Wednesday. The stock is up 6.56% YTD.
The Bottom Line
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