Lorillard meets 3Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

Lorillard Inc. (LO) on Thursday reported third-quarter profit of $289 million.

On a per-share basis, the Greensboro, North Carolina-based company said it had profit of 80 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 90 cents per share.

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The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of 90 cents per share.

The tobacco company posted revenue of $1.32 billion in the period, falling short of Street forecasts. Analysts expected $1.33 billion, according to Zacks.

Lorillard shares have climbed 19 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 4 percent. The stock has risen 24 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. LO stock research report from Zacks: http://www.zacks.com/ap/LO

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Keywords:Lorillard,Earnings Report