Lorillard, Inc. (NYSE: LO) reported Monday said that its second-quarter profit rose to $291 million, or $2.05 per share, from $263 million, or $1.73 per share, in the year-earlier quarter. Revenue rose 11.3% to $1.692 billion from $1.520 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of $2.02 per share on revenue of $1.21 billion.
"Lorillard delivered strong second quarter results, despite the difficult macro-economic conditions. These results continue to demonstrate the fundamental strength of our brands and our organization," said Murray S. Kessler, Chairman, President and Chief Executive Officer. "We are particularly pleased with the impact of our new strategic growth initiatives, highlighted by the successful introduction of Newport Non-Menthol."
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