Lorillard (LO) Reports In-Line Q4 EPS

Lorillard (NYSE: LO) reported Q4 EPS of $0.93, in-line with the analyst estimate of $0.93. Revenue for the quarter came in at $1.77 billion versus the consensus estimate of $1.29 billion.

"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," said Murray S. Kessler, Lorillard Chairman, President and CEO. "These results in 2014 are even more remarkable in the context of our continued investments in building the blu eCigs brand both domestically and internationally and without the benefit of share repurchases in the second half of 2014, which have been discontinued as a result of our pending acquisition."

"Overall, we are very pleased that the fundamentals of our Cigarettes segment continue to lead the industry, owing to the ongoing market share gains from our flagship Newport brand, while at the same time our Electronic Cigarettes segment continues to be at the forefront of product innovation and consumer acceptance in the burgeoning e-cigarette category," Mr. Kessler continued.

"It should also be noted that these solid results have been accomplished while we have been working diligently towards completing our previously announced combination with Reynolds American. Assuming the transaction is approved, it would deliver significant and immediate value to Lorillard shareholders, while also providing for meaningful upside opportunity for Lorillard shareholders through their approximate 15% ownership of the combined company," Mr. Kessler concluded.

For earnings history and earnings-related data on Lorillard (LO) click here.

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