AP Tobacco Writer
RICHMOND, Va. (AP) -- Cigarette maker Lorillard Inc. says its fourth-quarter profit fell slightly despite selling more cigarettes at higher prices.
The nation's third-biggest tobacco company said Wednesday that it earned $309 million, or 80 cents per share, for the period ended Dec. 31, from $310 million, or 77 cents per share, a year ago.
Excluding one-time items, earnings were 79 cents per share. Analysts polled by FactSet expected 75 cents per share.
Revenue excluding excises taxes rose 7.5 percent to $1.21 billion. Analysts expected $1.16 billion.
Greensboro, N.C.-based Lorillard says the number of cigarettes sold rose by less than 1 percent. The industry overall sold an estimated 1 percent fewer cigarettes.
Volumes of Newport, Lorillard's biggest brand, rose about 1 percent, but the cigarette's share of the menthol market slipped to 35.1 percent.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Don't look for the movie about Jodi Arias to be about her trial. (Video)
Oreo's new flavor is getting a ton of buzz. So we tried it.
The U. of Oregon is cracking down on a fan favorite.
Meet the newest liligers - mom's a liger and dad's a lion. (Photos)