AP Tobacco Writer
RICHMOND, Va. (AP) -- Cigarette maker Lorillard says its second-quarter profit rose 10 percent as higher prices, electronic cigarette sales and lower legal expenses offset a decline in traditional cigarette sales.
The nation's third-biggest tobacco company said Thursday it earned $313 million, or 83 cents per share, for the period ended June 30. That's up from $284 million, or 72 cents per share, a year ago.
Excluding one-time items, earnings were 81 cents per share, beating Wall Street expectations by a penny.
Revenue excluding excises taxes rose nearly 7 percent to $1.29 billion. Analysts expected $1.28 billion.
Lorillard Inc., based in Greensboro, N.C., says its cigarette shipments fell about 2 percent.
Volumes of Newport, Lorillard's biggest brand, fell more than one percent, but its share of the menthol market grew to 37 percent.
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