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Lorillard profits rise as promotional costs drop
Carolina Group, the tracking stock that represents the Lorillard Tobacco Co., earned $187.2 million on $977.3 million in sales in the second quarter, the company announced.
That's up from the $142.1 million the company earned on sales of $928.3 million a year earlier.
Of that profit, $93.8 million, or $1.09 per share, was attributable to Carolina Group (NYSE: CG) shareholders, while the other segment was attributable to the interest of the Loews Group, Greensboro-based Lorillard's parent company.
The company said the improved profits were mainly due to lower promotional costs.
Carolina Group stock is meant to represent the economic value of Lorillard, a wholly owned subsidiary of Loews Corp. Carolina Group shareholders are entitled to dividends paid out on the stock, but the stock is common stock issued by Loews Corp., not Lorillard.
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