RICHMOND, Va. (AP) — Cigarette maker Lorillard Inc. said Wednesday its third-quarter net income rose 6 percent, as higher prices helped offset a decline in the number of cigarettes sold.
The nation’s third-biggest tobacco company said intense promotional activity drove the number of cigarettes it sold down about 2 percent during the quarter to about 10.1 billion cigarettes. Newport, its biggest brand, fell at about the same rate, but the Greensboro, N.C.-based company’s share of the U.S. market grew to 0.2 percentage points to 14.4 percent. The company estimates that the industry as a whole sold 2.7 percent fewer cigarettes during the quarter.
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