CHICAGO, Feb 8 (Reuters) - Newport cigarette maker Lorillard Inc posted a 6 percent drop in net income, pressured by higher costs for manufacturing, pension and legal expenses.
The company said net income was $242 million, or $1.52 a share, compared with $258 million, or 41.53 a share, a year earlier.
The company shipped 9.05 billion cigarettes, down 4 percent from a year earlier, as a jump in shipments of the lower-priced Maverick brand helped mitigate a 6.9 percent drop in shipments of the company's full-priced brands.
(Reporting by Brad Dorfman, editing by Maureen Bavdek)
((bradley.dorfman@thomsonreuters.com; +1 312 408 8133; Reuters Messaging: bradley.dorfman.reuters.com@reuters.net; )) Keywords: LORILLARD/ (See http://blogs.reuters.com/shop- talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company said net income was $242 million, or $1.52 a share, compared with $258 million, or 41.53 a share, a year earlier.
The company shipped 9.05 billion cigarettes, down 4 percent from a year earlier, as a jump in shipments of the lower-priced Maverick brand helped mitigate a 6.9 percent drop in shipments of the company's full-priced brands.
(Reporting by Brad Dorfman, editing by Maureen Bavdek)
((bradley.dorfman@thomsonreuters.com; +1 312 408 8133; Reuters Messaging: bradley.dorfman.reuters.com@reuters.net; )) Keywords: LORILLARD/ (See http://blogs.reuters.com/shop- talk/ for Shop Talk -- Reuters' retail and consumer blog.) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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