Lorillard Sees Increased Profit; Misses Expectations (LO)
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
Shares of Lorillard ( LO ) have a 5.35% dividend yield, based on last night's closing stock price of $115.78. The stock has technical support in the $110 price area. If the shares can firm up, we see overhead resistance around the $120-$122 price levels.
Lorillard Inc.( LO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.