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Lorillard Sees Increased Profit; Misses Expectations (LO)
10/24/2012 9:00:00 AM
Tobacco company, Lorillard Inc.( LO ) reported increased third quarter profits on Wednesday, but fell shy of analysts expectations.
The Greensboro, NC based company reported net income of $283 million, or $2.16 a share, an increase from last years Q3 profit of $267 million, or $1.94 a share.
LO reported revenue of $1.66 billion, a 2.4% increase over last years revenue of $1.62 billion.
On average, analysts expected earnings of $2.23 a share, and $2 billion in revenue.
Lorillard shares were down $5.08, or -4.39% during premarket trading Wednesday.
The Bottom Line
Lorillard Inc.( LO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.