Lorillard Inc. (LO) Reports In-Line Q3 EPS

Lorillard Inc. (NYSE: LO) reported Q3 EPS of $0.90, in-line with the analyst estimate of $0.90. Revenue for the quarter came in at $1.831 billion, versus $1.827 billion reported last year.

"Lorillard delivered strong third quarter financial and operating results including robust Cigarettes segment adjusted operating profit and profit margin growth, continued cigarette market share gains as well as a sequential increase in blu eCigs domestic net sales despite heavy competitive e-cig discounting," said Murray S. Kessler, Lorillard Chairman, President and CEO.

"Overall, we are very pleased that the company's continued industry-leading fundamental performance has resulted in adjusted EPS growth of over 8% during the quarter, consistent with our commitment to deliver a double digit total shareholder return as measured by EPS growth and the dividend yield over the long-term. Also in the third quarter, the Company continued to work toward shareholder and regulatory approval pursuant to our merger agreement with Reynolds American and we view those activities as proceeding smoothly," Mr. Kessler continued. "We are very excited about completing the combination with Reynolds, which we expect to occur in the first half of 2015, as it delivers significant and immediate value to our shareholders, as well as a meaningful ownership stake in the combined company that will enjoy multiple flagship tobacco brands well-positioned for continued long-term success," Mr. Kessler concluded.

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

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