Lorillard grows share and volume
Lorillard‘s domestic shipment volumes during the 12 months to the end of December 2011, at 40,034,411,000, were up by 6.9 per cent on those of the previous 12 months.
Including shipments to Puerto Rico and US Possessions, shipments were up by 6.9 per cent to 40,730,291,000.
Shipments of Newport cigarettes increased by 6.1 per cent to 33,741,402,000, and shipments of full price brands taken together increased by 5.7 per cent to 34,160,232,000, with shipments of Kent down by 18.7 per cent to 203,436,000, shipments of True down by 14.9 per cent to 215,394,000, and shipments of Max down by 100 per cent from 11,268,000.
Shipments of price/value brands increased by 14.9 per cent to 5,874,179,000, with shipments of Old Gold up by 4.5 per cent to 553,248,000 and shipments of Maverick up by 16.0 per cent to 5,320,931,000.
Lorillard’s market share during 2011, at 14.1 per cent was up by 1.2 percentage points on that of 2010, with Newport’s share up by 1.0 percentage point to 11.9 per cent.
Menthol cigarettes last year held a 30.6 per cent share of the US market, up 0.6 of a percentage point from that of the previous year, and Lorillard held a 39.1 per cent share of the total US menthol segment, up 0.7 of a percentage point. Newport’s share of to US menthol segment was 36.2 per cent, up 0.2 of a percentage point.
Meanwhile, during the three months to the end of December, Lorillard’s domestic cigarette shipments, at 9,806,029,000, were up by 5.5 per cent on those of the three months to the end of December 2010. Including Puerto Rico and US possessions, shipments were up by 5.6 per cent to 9,984,277,000.
Newport’s shipments during the final quarter were up by 4.3 per cent to 8,190,476,000, and total full price brand shipments were up by 4.1 per cent to 8,291,768,000. Total price/value brand shipments were up by 13.7 per cent to 1,514,261,000.
“Lorillard had an outstanding fourth quarter which helped the company once again post record sales and profit for the full year of 2011,” said chairman, CEO and president, Murray S. Kessler.
“Fourth quarter gains in market share, pricing realization and margins resulting from the company’s strategic initiatives implemented during 2011 all contributed to the strong quarter and year.”
Lorillard reported fourth quarter adjusted diluted earnings per share of $2.20, up by 26.4 per cent on those of the fourth quarter of 2010, and annual adjusted diluted earnings per share increased by 16.2 per cent to $7.88.
Fourth quarter reported diluted earnings per share increased by 33.3 per cent to $2.32, while annual reported diluted earnings per share increased by 17.8 per cent to $7.99.
Net sales in the fourth quarter increased by 8.9 per cent to $1.618 billion, while annual net sales increased by 9.0 per cent to $6.466 billion.
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