Lorillard (LO) Tops Q1 EPS by 5c

Lorillard (NYSE: LO) reported Q1 EPS of $0.82, $0.05 better than the analyst estimate of $0.77. Revenue for the quarter came in at $1.67 billion versus the consensus estimate of $1.18 billion.

“During the first quarter, Lorillard continued its strong momentum from 2014 by once again delivering industry-leading cigarette operating profit growth and record high retail market shares,” stated Murray S. Kessler, Lorillard Chairman, President and CEO. “Increased unit volumes, robust pricing realization and continued tight cost controls in our Cigarettes segment drove double-digit increases in first quarter adjusted operating income and EPS. Notably, these outstanding results were achieved despite continued domestic and international investments in our Electronic Cigarettes category and without the benefit of ongoing share repurchases, which were discontinued as a result of our pending acquisition.”

“All in all, we are extremely pleased with the first quarter performance of our Cigarettes segment and our flagship Newport brand, as well as with the position of our Electronic Cigarettes segment as blu eCigs continues to deliver a unique and innovative product portfolio to adult consumers seeking alternatives to traditional tobacco products,” Mr. Kessler continued.

“Finally, the Company continues to believe its previously-announced combination with Reynolds American will close in the first half of 2015. Once completed, the transaction will deliver significant and immediate value to Lorillard shareholders,” Mr. Kessler concluded.

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

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