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Lorillard's 2nd-qtr net income rises more than 10 pct on more cigarettes sold at higher prices
RICHMOND, Va. (AP) ' Cigarette maker Lorillard says its profit increased more than 10 percent in the second quarter as it sold more Newport and Maverick cigarettes at higher prices.
Lorillard says its net income rose to $291 million, or $2.05 per share, for the period ended June 30. That's up from $263 million, or $1.73 per share, a year ago. The per-share figure was boosted by a lower number of shares outstanding.
The nation's third-biggest tobacco company says revenue excluding excises taxes increased nearly 12 percent to $1.16 billion.
Analysts expected earnings of $2.02 per share on revenue of $1.15 billion.
Lorillard Inc., based in Greensboro, N.C., sold about 10 percent more cigarettes on gains from Newport and its low-priced Maverick brand.
Rivals Reynolds American and Altria Group both reported selling fewer cigarettes during the quarter.