Lorillard's Quarterly Net Income Slips 3%; Sales Rise Slightly..

October 29, 2008 - The company reported net income of $237 million, compared to $244 million in the third quarter of 2007 - profit fell 2.9 percent from the prior year.

Total Lorillard wholesale shipment volume for the third quarter of 2008 of 10.093 billion units was up 4.5 percent compared with the third quarter of 2007. Domestic wholesale shipments were up 4.5 percent for the same period. Total industry shipments are estimated to be down 3.4% for the third quarter of 2008 compared with the third quarter of 2007.

Newport's domestic wholesale shipments increased 2.5% in the third quarter of 2008 compared to the third quarter of 2007. According to Lorillard's proprietary retail shipment database, Newport continued to increase its retail market share during the third quarter of 2008 by .43 share points over the third quarter of 2007.

Reference: Lorillard, Inc. Reports Third Quarter 2008 Result, insurancenews.net, 10/27/2008.